Century Properties Group reported a 6-percent decline in net income in the first quarter of the year, as higher interest expenses and taxes offset gains from its core operations.
The property developer posted a net income of P446 million from January to March, down from P473 million in the same period last year. Consolidated revenues also fell nearly 4 percent to P3.58 billion from P3.72 billion a year earlier.
The company’s first-home residential projects remained its biggest revenue source, contributing P2.48 billion or 68 percent of total revenues. Premium residential developments generated P682 million, while commercial leasing and property management contributed P297 million and P151 million, respectively.
Company president and CEO Marco R. Antonio said the firm’s performance showed resilience despite a challenging business environment. He said the company continues to focus on controlling costs, protecting profit margins, and timing new project launches based on market demand.
Antonio added that the company remains optimistic about long-term growth, citing continued demand for quality housing across different market segments.
As of end-March, Century Properties’ total assets stood at P63.63 billion, while liabilities reached P39.14 billion. Its net debt-to-equity ratio stayed steady at 0.9 times, reflecting what the company described as a prudent approach to managing debt and maintaining financial flexibility.
The results highlight the ongoing pressure faced by property developers from rising financing costs, even as housing demand in the Philippines remains relatively stable.
