Monday, February 6, 2012

News Update Century Properties says Jan.-Oct. 2011 net income up 500% to P781M

Property developer Century Properties Group Inc. reported its net income in the 10 months to October 2011 grew by more than five times from P143 million to P781 million.
Revenues for the period jumped 93 percent to P4.02 billion from P2.09 billion in the same comparable period, while costs and expenses grew to P2.89 billion from P1.81 billion, the developer told the Philippine Stock Exchange on Monday.
Citing its pre-sales data, the company said it pre-sold P18.4-billion worth of projects for the whole of 2011, a 129-percent improvement from P8 billion in 2010.
Century Properties also pre-sold 5,367 units, the company said, noting that 67 percent of its pre-sales came from international markets.
For 2012, Century Properties is allocating up to P8.3 billion for capital expenditures.
The company plans to launch a 4.4-hectare project along Commonwealth Avenue in Quezon City, involving some 2,000 affordable housing units and a lifestyle center with retail shops.
As of end-October 2011, the developer has completed 20 condominium buildings with 4,128 units and total floor area of 548,262 sqm.
Its projects included the Essensa East Forbes, South of Market, SOHO Central and Le Triomphe, Le Domaine and Le Metropole in Makati City.
The company manages 51 properties, including the Asian Development Bank and Makati Medical Center. — CMA/VS