Property

Affordable housing, leasing operations drive CPG’s profit jump

Century Properties Group of the Antonio family saw a 55% jump in its first semester earnings to P760 million, fuelled by its low-cost housing business and lease operations.

Century Properties Group of the Antonio family saw a 55% jump in its first semester earnings to P760 million, fuelled by its low-cost housing business and lease operations.

Consolidated revenues amounted to P5.4 billion, up 26% year on year as it ramped up the construction of affordable housing units under Phirst Park Homes Inc.

A joint venture with Japan’s trading giant Mitsubishi Corp., is rolling out P57 billion worth of masterplanned communities in major areas across the country in five years. In addition to its projects in Tanza, Cavite; Lipa, Batangas and San Pablo, Laguna, Phirst Park Homes is also set to launch two to three more projects in Luzon.

CPG is also slated to complete this year the Century Diamond Office Tower in Century City Makati with a gross floor area o 63,110 square meters.

By 2020, the company aims to hit P2 billion in revenues from the lease of office space.

“We expect that the encouraging performance of our core businesses coupled with cost reduction measures and improvement in our operating efficiencies will help sustain our double-digit NIAT (net income after tax) growth for the next three to four years,” said Ponciano S. Carreon Jr., CFO and head of investor relations at CPG.

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