Century Properties Group Inc. reported a net income of P1.15 billion in 2020, down 22.2 percent from 2019 on lower revenues.
CPG said in a statement sales dropped 24.3 percent last year to P10.84 billion despite the stable revenues from horizontal affordable housing and office leasing businesses.
CPG chief financial officer Ponciano Carreon, Jr. said the decline in revenues and net income were within expected levels, considering the significant impact of quarantine restrictions during the coronavirus pandemic, which drastically slowed down sales, collections and construction activities.
“Notwithstanding a challenging 2020 for most industries, CPG generated reasonable profits as a result of its diversification strategies in the prior years, demonstrating the industry experience and track record of the company and its management team. The high-margin segments of affordable housing and office leasing proved to be resilient throughout the year and contributed 93 percent to the net income compared to 43 percent last year,” Carreon said.
The group’s affordable housing contributed 35 percent or P398 million to 2020 income, compared to 24 percent in 2019.