Century Properties Group Inc. said profit for the first quarter of the year reached P453.5 million, more than triple the P110.5 million posted last year.
Total revenue hit P2.48 billion, more than double the P1.12 billion in 2011.
Century Properties said strong sales performance from its residential development segment drove growth.
As of March 31, 2012, Century Properties’ total debt stood at P1.3 billion, representing a total debt to equity ratio of 18.9 percent. On a net debt to equity basis, Century is in a net cash position as it had P1.8 billion of cash after raising P2.3 billion through a share offering in February.
“There continues to be a strong demand for residential property in the Philippines. We have experienced this through our record growth in 2011 and this quarter, contrary to initial concerns about an oversupply of units.
After booking P18.4 billion of pre-sales in 2011, Century’s pre-sales for first quarter of 2012 was P5.3 billion consisting of 812 units, allowing Century to remain on track for its P20 billion pre-sales target for full year 2012,” said Jose Carlo Antonio, Century Properties chief financial officer.
“Given that the real estate industry is benefiting from a continuous low interest regime, expanding population, tamed inflation rates, and a rise in the middle class where home-buying remains to be a prime aspiration, Century has been able to achieve one of the highest growth rates in the real estate sector. It has transformed itself from a one-building developer to a destination mixed used developer in multiple price points in the Metro Manila area,” Antonio added.
Source: Malaya – Business Insight | May 15, 2012