National News

Megaworld: Profits Soar 17%

Megaworld, the country’s largest developer of integrated urban townships and the biggest landlord of office spaces, registered a net income of P13.7-billion during the first nine months of the year, up 17% compared to P11.7-billion during the same period last year. Excluding non-recurring gain of P189-million, net income grew by 16% to a new record high of P13.5-billion. Net income attributable to parent company stood at P12.8-billion over the same period, growing 14% from P11.3-billion the year before.

Consolidated revenues during the nine-month period of 2019 rose at a robust pace of 17% to P48.1-billion from P41.3-billion, attributed to the strong performance of its core businesses. The company’s real estate sales grew 11% for the period this year, ending at P30.7-billion from P27.6 billion during the same period last year. As of end-September, Megaworld launched a total of P58.7-billion in new residential inventory while reservation sales reached P114-billion.

“Megaworld’s consistent growth across all business segments is a clear indicator of where the company is going, and we are very optimistic to finish the year strong. We have already introduced quite a number of real estate projects this year, which reflects the kind of demand that we have been seeing since last year. Megaworld will always be market driven, and as long as we see this type of demand on the ground, then we will continue to launch projects aggressively,” says Kevin L. Tan, chief strategy officer, Megaworld.

The company’s robust rental income greatly helped sustain earnings growth on the back of strong leasing from Megaworld Premier Offices and Megaworld Lifestyle Malls.

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