Property developer Century Properties Group. said it allocated P6 billion for capital expenditures this year, despite posting a lower net income last year.
CPG investor relations group head Kristina Garcia said in a statement the company aimed to spend P5 billion for the completion of condominium projects and P1 billion for its leasing assets.
“We are also looking to start deploying capital for our affordable and tourism business later this year,” Garcia said.
The company reported a net income of P726.93 million in 2016. The company did not provide comparative year-on-year figures, but previous filings with the stock exchange showed it earned P1.52 billion in 2015. This means that net income in 2016 fell 52 percent from the previous year.
Revenues amounted to P7.38 billion in 2016, down 29 percent from P10.38 billion in 2015. Real estate sales dropped 36 percent to P4.97 billion from P7.75 billion, given the fewer project launches of condominium projects last year.
Leasing revenues rose 8 percent year-on-year to P337.85 million.
“Our financial results reflect the progress that we are making to pivot Century Properties for long-term growth. We are moving forward with the clarity and execution that we envisioned would better address industry and market needs,” Garcia said.
CPG has been streamlining its business in line with its plan to become a more diversified, multi-platform real estate company by 2020.
From 33 launched buildings with gross floor area totaling 1.43 million square meters, CPG already completed 16 buildings with gross floor area of 792,000 square meters as of end-2016.