Century Properties profit up 10% in Q1
MANILA, Philippines - The company responsible for bringing businessman Donald Trump and celebrity Paris Hilton to design prime real estate in the Philippines, Century Properties Group (CPG), reported a double-digit growth in its net income in the first quarter of 2013.
In a statement to the Philippine Stock Exchange on Monday, May 20, the company said its net income rose by 10% to P501 million in the first quarter from P454 million in the same quarter of 2012.
CPG reported total revenues of P2.6 billion, representing a 5% year-on-year increase.
"Century Properties achieved reasonably strong results in the first quarter of the year. The continued momentum of our pre‐sales is testament to the strength of our brand, and our company’s capability to deliver as proven by our current projects that are currently in various stages of completion," Century Properties CFO Carlo Antonio said.
"Our brand collaborations also showed our strong commitment to deliver quality, well‐designed and masterplanned projects. We have kept up with the industry’s continued upward mobility and will continue to do so by committing to deliver quality projects in the affordable, mid‐end and luxury segments," he added.
The company also said that its residential pre‐sales amounted to P5.8 billion in the first 3 months, 10% higher than the P5.3 billion it booked in the first quarter of 2012.
CPG said the strong sales came from Trump Tower, Azure Urban Resort Residences and the Residences at Commonwealth projects.
CPG is now preparing for further growth, with a target of P30 billion in pre‐sales and a net income of P3 billion by end-2015.
The company has 5 key projects totalling 31 buildings and 955 single-detached homes. These are:
- Century City in Makati City (which includes the branded towers Milano Residences interior designed by Versace Home and Trump® Tower)
- Azure Urban Residences in Paranaque City (with a Beach Club designed by Paris Hilton)
- Acqua Private Residences in Mandaluyong City (featuring the branded towers Acqua Livingstone interior design by MissoniHome and Acqua Iguazu yoo inspired by Starck, in collaboration with John Hitchcox and Philippe Starck)
- Canyon Ranch in Carmona, Cavite,
- Residences at Commonwealth by Century