Century Properties Group Inc. grew its attributable net income to P453.8 million in the third quarter, up 75 percent from P259.2 million in the same period last year, driven by double-digit growth in revenues.
CPG said in a disclosure to the stock exchange Tuesday third-quarter revenues reached P3.43 billion, 71 percent higher year-on-year on strong residential sales.
CPG’s attributable net income totaled P778 million from January to September, down 7.9 percent year-on-year, while revenues rose 35 percent to P8.75 billion.
“The acceleration of business activity as the Philippine economy reopened allowed the company to generate higher earnings during the nine-month period,” CPG chief finance officer Ponciano Carreon Jr. said.
Carreon said demand for residential projects, especially for affordable housing in key growth areas outside Metro Manila remained strong despite rising inflation and interest rates.
CPG’s affordable housing PHirst Park Homes Inc. contributed P4.17 billion or 48 percent of total revenues, while its vertical development and leasing business delivered P3.27 billion and P999 million in sales, respectively.
PHHI launched two projects this year—Phirst Park Homes Naic in Cavite and Phirst Park Homes Balanga in Bataan. It is set to launch one more project in Central Luzon before the end of the year.
PHHI completed 5,272 affordable houses, of which 3,575 were turned over to buyers as end -September.
PPHI ventured into middle-income development in October to expand its market and cater to increasing demand for suburban developments.
“This strategy allows us to address demand coming from a demographic of the first homebuyers market that has a broad range of purchasing power,” CPG president and chief operating officer Marco Antonio said.
CPG also launched Century Nuliv—the company’s new brand that caters to the premium-to-luxury real estate market.
“While we are steadfast in our pursuit of growth, we are doing so with projects that carry less risk but with faster development periods,” Antonio said.