Century Prop 9-mth net income falls 18.8%

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Listed property developer Century Properties Group Inc. reported an 18.8-percent fall in net income in the first nine months of 2015 to P1.3 billion, from the P1.6 billion a year ago.

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In a disclosure to the Philippine Stock Exchange, the property developer said revenues from real estate sales in the first nine months this year decline by 8.4 percent to P6.6 billion, from P7.2 billion posted last year.

Specifically, sales of buildings, such as the Knightsbridge, Trump tower, Spire and Milano residences, including Centuria Medical Tower, slightly fell to P2.80 billion from P2.82 billion in 2014.

Subsidiary Century Limitless Corporation (CLC) posted a decrease in revenue from real
estate sales to P3.82 billion, from P4.4billion a year ago.

Its other subsidiary, Century Communities Corporation (CCC), also suffered a fall in net income to P6.3 million, from P21.1 million last year.

The company’s interest and other income decreased by 13.5 percent to P750.7 million, from the P868 million last year, due to reduced forfeited collections.

On the other hand, leasing revenue increased to P283.3 million, from P106 million in 2014, as Century City Mall began operating last year.

Property management fees and other services grew by 12.3 percent to P244.2 million, from the P217.3 million last year.

The company said this was “primarily due to management fee and rate escalations for some of the projects under management ranging from 5 to 10 percent.”

Century Properties reported that cost and expenses for the first nine months of 2015 increased by 2.4 percent to P6.3 billion, from the P6.2 billion last year.

It noted that cost of real estate sales declined by 8.1 percent to P3.95 million, from the P4.29 billion posted last year.

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