Century Properties Group Inc., led by the Antonio group, reported on Wednesday a 3 percent drop in first-half net income to P1.18 billion, down from P1.22 billion a year earlier, due to higher interest expenses and income taxes.
Total revenues edged slightly lower to P7.62 billion from P7.63 billion in the same period last year.
The company’s horizontal development arm Phirst Park Homes Inc. remained its top growth driver, accounting for 73 percent of total revenues and rising 7 percent year-on-year. Century Premium made up around 16 percent of consolidated sales, while commercial leasing contributed 7 percent and property management services 4 percent—providing steady recurring income to support its residential business.
With most of its vertical projects already sold out, Century Properties is shifting its focus to horizontal developments in high-potential areas across the country. It will only pursue selective vertical projects that fit its master-planned communities and meet target profit levels.
Reservation sales climbed 11 percent in the first half despite ongoing global uncertainties, showing strong buyer confidence and steady demand for its expanding horizontal housing portfolio.
“Our first-half results show Century Properties is successfully transforming into a more focused horizontal residential developer,” said company president Marco R. Antonio. “Phirst’s continued growth, along with our premium house-and-lot communities, confirms our strategy of serving homebuyers in fast-growing areas outside Metro Manila. This approach will help us create lasting value, as more Filipino families look for quality homes in well-designed communities.”
