Century Properties Group Inc. (CPG) said profits fell by 11 percent to P446 million in the first half of the year compared with P502 million in the same period last year, as real estate sales declined.
Real estate sales, which account for 62 percent of revenues, dropped to P2 billion, a 29 percent decrease from P2.97 billion in the same comparable period, partly due to less pre-sales and project launches.
Leasing revenues were down 1.6 percent to P153 million from P155 million due to a decrease in occupancy rate.
Revenues declined by 14 percent to P3.4 billion from P3.9 billion, while expenses dropped 12 percent to P2.9 billion from P3.3 billion.
Net income attributable to the parent company fell by 11 percent to P446 million from P502 million.
CPG is primarily engaged in the development, marketing and sale of mid- and high-rise condominiums and single detached homes, as well as leasing of retail and office space, and property management.
As of June 2017, the property developer has completed 14 residential condominium buildings, a retail commercial building, and a medical office building.
“The company’s aim is to enhance the overall quality of life of Filipinos and foreign clients by providing distinctive, high-quality and affordable properties … In particular, the company identifies what it believes are the best global residential standards and adopts them to the Filipino market,” it said.