CENTURY Properties Group Inc. said Tuesday that net income after tax for the first quarter had slipped to P446 million, from P473 million a year earlier, as higher interest expenses and taxes offset improved operating efficiency and higher gross profit margins.
In a disclosure, the publicly listed developer, controlled by the Antonio family through their holding company Century Properties Inc., said margins strengthened due to the steady performance of its core residential businesses.
Earnings before interest, taxes, depreciation, and amortization grew 5 percent to P1.04 billion from P988 million, attributed mainly to “disciplined cost management and improved operating efficiency.”
The company said this was reflected “in an improvement in its gross profit margin to 48 percent from 46 percent in the prior period.”
Revenues remained strong at P3.58 billion, albeit lower than the previous year’s P3.72 billion, with the first-home residential segment remaining the main income driver.
PHirst First-Home Residential Developments accounted for P2.48 billion, or 68 percent of total revenues, while premium residential developments contributed P682 million. Commercial leasing and property management generated P297 million and P151 million, respectively.
Group President and CEO Marco Antonio said the first-quarter results reflected the company’s resilience amid a challenging environment.
“Our first-quarter performance reflects the resilience of our core businesses and the benefits of disciplined execution across the organization,” he said.
“Amid a dynamic operating environment, we remain focused on margin protection, prudent cost management, and calibrating new project launches in line with prevailing market demand.”
The company’s total assets were said to have stood at P63.63 billion as of end-March versus liabilities of P39.14 billion, resulting in stockholders’ equity of P24.49 billion.
Net debt-to-equity was stable at 0.9x, underscoring prudent capital structure and financial flexibility.
“While we remain mindful of short-term headwinds, we continue to be optimistic about the long-term fundamentals of the business. Demand for quality housing across key segments remains supported by structural market needs, and we believe the company is well positioned to pursue opportunities as conditions stabilize,” Antonio said.
Century Properties shares held steady at P0.66 each on Tuesday, outperforming the broader market as the benchmark Philippine Stock Exchange index ended the day down 0.75 percent.
