Taking advantage of the strong demand for affordable housing in the country, bilyonaryo Jose E.B. Antonio’s Century Properties Group is launching new house and lot communities under its joint venture with Japanese conglomerate Mitsubishi Corp.
In a statement, CPG said new affordable housing units under the brand PHirst Park Homes would rise in the high-growth locations of Cavite, Bulacan and Quezon in the second half.
The high-margin segments of affordable housing and office leasing proved to be resilient, contributing 93 percent to CPG’s P1.15 billion net income last year. Affordable housing alone pumped in 35 percent or Ph398 million compared to 24 percent in 2019.
CPG’s 2020 profit was 22.2 percent lower than the previous year as revenues declined by 24.3 percent to P10.84 billion due to the disruptions caused by the coronavirus pandemic.
CPG chief financial officer Ponciano S. Carreon, Jr. said the decline in the company’s revenues and net income were within the expected levels given the significant impact of quarantine restrictions that drastically slowed down sales, collections, and construction activities.
Carreon said CPG would continue pursuing a balanced mix of revenue sources to ensure diversified revenue streams.
The company successfully trimmed interest-bearing debt and decreased borrowing costs further by130 basis points last year., The operating efficiencies instituted by CPG allowed it to reduce the overall operating expenses by P 311million or about 9.6percent year on year despite the additional expenses booked in the fourth quarter to cushion the further expected prolonged softening of the market.
SOURCE: Bilyonaryo
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