Century Properties Group Inc. and Filinvest Land Inc. registered strong profits in the first half of 2018.
Century Properties Group Inc. said net income in the first six months of 2018 rose 10 percent to P490 million from P446 million year-on-year on the strong contribution of the residential and leasing businesses.
Century Properties said in a disclosure to the stock exchange first-half revenues jumped 40 percent to P4.7 billion as the company started to see the positive results from its diversification plans.
“CPG’s net income for the first half of 2018 already covers 78 percent of the full year net income it recorded in 2017. We see this positive trend in our bottom line to continue,” said newly-appointed Century Properties chief finance and head for investor relations Ponciano Carreon, Jr.
“While we continue to recognize the revenue from the unit inventory of our condominium developments, we are also seeing a higher income stream from our new allied real estate segments. The company is now well-positioned for sustainable growth with all the preparations we have made to diversify in areas where we see high returns,” he added.
Filinvest Land, Inc., the property unit of the Gotianun family, meanwhile, reported that net income reached P2.88 billion in the first half of 2018, up nine percent from a year ago.
First-half revenues climbed six percent to P10.6 billion as rental revenues rose 28 percent to P2.6 billion from a year ago level of P2.03 billion.
The rental office and retail property portfolio is now contributing 43 percent to the company’s net income, a larger share than in previous years.
Filinvest Land currently operates 27 office and retail developments totaling 595,000 square meters of of gross leasable area.
The company also has a pipeline of 30 recurring income developments with 370,000 square meters of additional GLA currently under construction.