Century Properties Group said it posted a net income of P760 million in the first half, up by 55 percent from P490 million it earned in the same period last year.
The property developer said consolidated revenues grew 26 percent in the six-month period to P5.4 billion from a year ago.
“This remarkable increase in our first-half performance further affirms that we are on track with our business plans. We expect this positive momentum to continue as revenues from our expansion plans have started contributing significantly and steadily to CPG’s bottom line even as our existing in-city projects still significantly provide a stable revenue stream,” said CPG chief finance officer Ponciano Carreon Jr.
“Our affordable housing business now accounts for 12 percent of our revenue and is expected to further ramp up as more homes will be completed in the third and fourth quarters,” said Carreon,
The company said it completed three new buildings in 2018 with P7 billion in sales value. These include Boracay Tower at the Azure Urban Resort Residences in Parañaque City, Osmeña East Tower at the Residences at Commonwealth in Quezon City and Iguazu Tower at Acqua Private Residences in Mandaluyong City.