MANILA, Philippines — Century Properties Group, the Antonio family-led property company, posted a net income of P458.1 million in the first half of the year, 29 percent lower than the previous year.
Revenue declined 25 percent to P4.5 billion during the period.
CPG, however, sustained the growth of its horizontal affordable housing and commercial leasing businesses for the first semester, consistent with its strategy of balancing its asset portfolio with in-city vertical developments and diversifying its revenue streams.
The combined contributions of the horizontal affordable housing and commercial leasing businesses are now P1.27 billion or 28 percent of total revenues, up from just 15 percent last year.
“Despite the dip in the revenues and net income for the first half of 2020 of about 25 percent and 29 percent, respectively, the trajectories are well within the management’s expectations in view of the present market and business conditions amidst the prevailing pandemic and quarantine restrictions,” said CPG chief finance officer Ponciano Carreon Jr.
He said the company is prepared for the unfavorable impact of the current situation on the company’s operating results, including the potential slowdown in sales and construction and development activities.
“We have quickly put in place mitigating measures to build robust liquidity levels and a strong balance sheet even as preparations are ongoing to position the group for the new market and business opportunities,” Carreon said.
In response to the COVID-19 pandemic, CPG continued to invest and develop digital selling and contactless transaction systems to continue servicing its customers when the community quarantine started in mid-March.
During the first half, 50 percent of the company’s sales processes were done online through digital platforms and telemarketing, resulting in P6.1 billion in reservation sales.