Century Properties Q1 profit slipped 6%

Century Properties Group Inc. (CPG) saw its net income after tax slip by 6 percent in the first quarter as higher interest expenses and taxes offset gains from improved operating efficiency.

The Antonio family-led real estate firm said Tuesday that its net income after tax declined to P446 million in the January-to-March period from P473 million a year earlier.

CPG said the softer bottom line came despite a 5-percent increase in earnings before interest, taxes, depreciation and amortization (EBITDA), which rose to P1.04 billion from P988 million previously.

CPG attributed the EBITDA growth to disciplined cost management and improved operating efficiency.

This also helped lift the company’s gross profit margin to 48 percent from 46 percent previously.

Consolidated revenues, however, dipped slightly to P3.58 billion from P3.72 billion a year ago.

The company’s first-home residential developments segment, particularly its PHirst business, remained the biggest revenue contributor.

PHirst generated P2.48 billion during the quarter, accounting for 68 percent of total revenues.

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Premium residential developments contributed P682 million or 19 percent of revenues, while commercial leasing and property management generated P297 million and P151 million, respectively.

“Our first-quarter performance reflects the resilience of our core businesses and the benefits of disciplined execution across the organization,” CPG president and CEO Marco R. Antonio said.

Despite near-term headwinds, Antonio said the company remained optimistic about long-term housing demand across key segments.