By James A. Loyola
Property developer Century Properties Group, Inc. posted a 24.5 percent drop in net income to P290 million in the first quarter of 2020 from P384 million in the same period last year.
In a disclosure to the Philippine Stock Market, the firm said consolidated revenues was slightly higher at P2.8 billion in the first quarter of 2020 from P2.77 billion in the same period last year.
CPG said the lion’s share of the net income comes from the combined contribution of affordable housing business and leasing portfolio, which now stands at P173 million or 60 percent compared to just P55 million or 14 percent last year.
The net income contribution of urban vertical projects is down to only P111 million or 38 percent of the total net income from P324 million or 84 percent share in net income last year.
“The lower net income in the first quarter of 2020 was not totally unexpected considering the three major shocks during the period: the Taal eruption in January, the coronavirus pandemic declaration in February, and the Enhanced Community Quarantine declared in March, coupled with the company’s beefing up its cash war chest,” said CPG Chief Finance Officer Ponciano S. Carreon, Jr.
He added that, “We …From -
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Market news summary from Manila Bulletin Market News.
Author: MB Business