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CPGI reports P458-M net income in semester

Developer Century Properties Group, Inc. reported a decline in attributable net income to 458.13 million in the first half of 2020 from P720.51 million in the same period last year but noted a growth in its affordable housing and leasing businesses.

 In a disclosure to the Philippine Stock Exchange, the firm said gross revenues dropped to P4.52 billion in the first semester of the year from P6.05 billion in the same period of 2019.

“Despite the dip in the revenues and net income for the first half of 2020 of about 25 percent and 29 percent, respectively, the trajectories are well within the management’s expectations in view of the present market and business conditions amidst the prevailing pandemic and quarantine restrictions,” said CPG Chief Finance Officer and Investor Relations Head Ponciano S. Carreon, Jr.

CPGI said that, the combined contributions of the horizontal affordable housing and commercial leasing businesses are now at P1.27 billion or 28 percent of total revenues, up from just 15 percent of the same period last year.

The combined net income from the two business segments of P225 million or 42 percent of the total net income of P546 million, is much higher than the 29 percent contribution level of the same period last year.

As a result of the increasing contributions of these two high-margin business segments, CPG’s gross profit margin improved to 40 percent from 38 percent in the previous year.

Operating expenses dropped by 21 percent as the company continued to streamline operating and selling expenses while managing the impacts of the government lockdowns for most of the first half of the year.

 “We are prepared for the unfavorable impact of the current situation on the company’s operating results, including the potential slowdown in sales and construction and development activities, and we have quickly put in place mitigating measures to build robust liquidity levels and a strong balance sheet even as preparations are ongoing to position the group for the new market and business opportunities,” Carreon said.

He added that, “We continue to improve our operating efficiencies and implement innovative approaches to mitigate risks, sustain operations, and maintain business resilience while we ensure the safety of our employees and stakeholders and contribute to the nation’s fight against COVID-19.”(


Source: Manila Bulletin (https://mb.com.ph/2020/08/11/cpgi-reports-p458-m-net-income-in-semester/?utm_source=rss&utm_medium=rss&utm_campaign=cpgi-reports-p458-m-net-income-in-semester)

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