Century Properties Group Inc. said its net income for the first half of the year dropped 5.0 percent to P1.004 billion from P1.058 billion a year earlier.
The fall in net income was due to the higher provision for income tax, which increased by 3.8 percent to P439.6 million in the six months ended June 30, 2015 from P423.4 million a year earlier.
The company posted unaudited revenue of P6.1 billion in the six-month period, up an estimated 8.8 percent from P5.6 billion in the same period last year.
Revenues from real estate sales amounted to P4.98 billion, up 4.9 percent from P4.75 billion.
Century Limitless Corp. (CLC), the company’s affordable residential unit posted P2.88 billion of revenue from real estate sales, particularly from Azure, Aqua and Commonwealth Residences.
House and lot development unit, Century Communities Corp. reported P6.3 million in revenue, a significant decrease from the P18.0 million registered in same period of 2014.
Total assets amounted to P35.4 billion, an 11.9-percent year-on-year rise from P31.7 billion.