CPG's net income from January to September rose by 38 percent to P1.8 billion from P1.3 billion in the same period last year, which keeps it on track to meet its full-year financial targets.
CPG reported revenue grew 11 percent to P10.8 billion, with PHirst contributing P6.9 billion during the first nine months of the year.
Photo courtesy of CPG
Driven by higher takeups across its property developments, listed developer Century Properties Group Inc. (CPG) delivered double-digit earnings growth in the first nine months of the year.
In a stock exchange filing on Thursday, the company said net income from January to September rose by 38 percent to P1.8 billion from P1.3 billion in the same period last year, which keeps it on track to meet its full-year financial targets.
Revenues during the period also grew 11 percent to P10.8 billion, with PHirst contributing P6.9 billion.
The Premium Residential Developments segment followed with P2.6 billion, while Commercial Leasing and Property Management added P1.4 billion.
“We attribute CPG's strong performance in the first nine months of the year to our expanded geographic and product footprint, which has allowed us to effectively capture the growing demand for quality, affordable homes, as well as the evolving needs of the premium residential market,” CPG chief finance officer Ponciano S. Carreon, Jr. said.
Meanwhile, CPG President and CEO Marco R. Antonio said the company will sustain its project pipeline expansion to “deliver the same level of value it has started to distribute to its shareholders.”
CPG ended the first nine months of the year with total assets of P56.86 billion and equity of P21.88 billion.
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