Century Properties increases revenue to Php 5.6-B in 1H 2014

MANILA, Aug 18 (PNA) — Publicly-listed firm Century Properties has increased its revenue in first semester of the year to Php 5.6 billion, 6.0 percent higher than last year’s same period revenue of Php 5.29 billion.

In a disclosure to the Philippine Stock Exchange (PSE) Monday, Century Properties said majority of its revenue in the first six months of the year was contributed by its real estate sales of Php 4.75 billion. This is also 4.0 percent higher from first half’s of 2013’s sales of Php 4.57 billion.

Likewise, interest and other income went up by 18 percent to Php 682.5 million from 1H 2013’s Php 577.7 million.

Company’s net income for the first semester reached Php 1.06 billion.

The company said it is diversifying from being a residential developer in Metro Manila to developing retail spaces and medical offices as well, hence completing its real estate projects within the near-term.

“Since our near‐term focus is on diversifying the business, we characterize the next few years as our building phase. We are working on building a commercial leasing portfolio that will help position us to pursue consistent, profitable long‐term growth,” said Century Properties Director for Investor Relations Kristine Garcia.

Just March this year, Century Properties has completed the 50,000-square meter lifestyle center Century City Mall in Makati City.

By the end of the year, the company is set to turnover Centuria Medical Makati which is an outpatient IT-medical arts development within the Century City.

“The 28‐storey project will cater to local residents and medical tourists with over 500 doctors’ clinics and complementary facilities such as a diagnostic laboratory, day surgery center and pharmacy,” the company said.

For 2015, Century Properties targets to complete two residential towers in Azure; first two towers in Acqua Private Residences in Mandaluyong City; first tower in Residences at Commonwealth in Quezon City; and turnover of Milano Residences in Century City.

It expects to complete Trump Tower in 2016.

“By 2019, Century will complete five commercial buildings for office and a condotel totaling over 100,000 square meters, which will provide a stable and balanced stream of cash flows,” Century Properties noted. (PNA)