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Century Properties reports P866 million net income for 2011

Property developer and publicly-listed firm Century Properties Group, Inc. ("Century") recently announced its performance for the twelve-month period ending December 31, 2011. For the period from January 1 to December 31, 2011, Century reported a 53% increase in total sales amounting to Php4.70 billion from Php3.07 billion in the same period in 2010. During the twelve month period in 2011, cost and expenses amounted to Php3.45 billion from Php2.79 billion during the same twelve month period in 2010. As a result, Century had a 382% growth in net income from Php180M for the twelve month period in 2010 compared to Php866M for the twelve month period in 2011. Such net income is also better than consensus estimates.
Furthermore, Century has a lot of headroom for its expansion plans as its net debt over equity is 11.9%, and has an industry leading return of equity of 23.8%. For 2012, Century plans to at least double its Php 866M 2011 net income.

Century's pre-sales data indicated that it pre-sold Php18.4B for the full year 2011, which is a 129% growth over its 8.0B pre-sales for the full year 2010. On a unit basis, Century pre-sold 5,367 units for the full year 2011, as compared to 2,325 units for the full year 2010. Century believes it was able to attain this sales growth in large part due to its efforts to sell to Filipinos living overseas, as well as foreign nationals. In 2011, approximately 67% (in terms of value) of Century's pre-sales came from international markets. Century also launched 3,134 units with sales value of Php16.9B in 2011. Additionally, Century entered into contracts with landowners for 1,966,865 square meters of land in 2011, of which 543,966 square meters is located in Quezon City and will be suitable for affordable projects, while 1,422,899 square meters is located in Batulao, Batangas, which Century plans to develop into a tourism and retirement project. These projects continue Century's strategic shift from developing single building projects to master planned communities.

For 2012, Century's Chief Financial Officer Jose Carlo R. Antonio said. "Century's pre-sales for first quarter of 2012 was Php5.3B consisting of 812 units, allowing Century to remain on track for its Php2OB pre-sales target for full year 2012. We remain upbeat about the Philippine economy
and property sector, and our first quarter results strengthen our resolve to deliver differentiated projects across multiple price points. Finally, the board of Century approved a release of dividends representing 10% of 2011 net income, or P85.4M. This represents the first among many ways Century plans to deliver value to its shareholders."

Century currently has 4 current master planned developments namely Century City in Makati City, Canyon Ranch in Cavite City, Azure Urban Residences in Paranaque City, and Acqua Residences in Mandaluyong City. Upon full completion, these 4 master planned developments are expected to contain condominium buildings with 15,703 condominium and office units, and 955 single detached homes, with a total expected gross floor area of 1,185,024 square meters

As of December 31, 2011, Century (including its affiliate Meridien and main shareholder Century Properties, Inc.) has completed 20 condominium buildings (4,128 ' units) with a total GFA of 548,262 sq.m. Century's roster of noteworthy developments include the award-winning Essensa East Forbes ("Essensa") in Fort Bonifacio, the Philippines' first Fully-Fitted and Fully-Furnished condominium South of Market ("SOMA") in Fort Bonifacio, SOHO Central in the Greenfield District of Mandaluyong City, Pacific Place in Ortigas and a collection of French-inspired condominiums in Makati City called Le Triomphe, Le Domaine and Le Metropole. Additionally, as of December 31, 2011, Century also manages 51 properties including the Asian Development Bank and Makati Medical Center.
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"Century Properties reports P866 million net income for 2011" was written by Mary under the Business category. It has been read 2893 times and generated 1 comments. The article was created on and updated on 16 April 2012.
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