Megaworld H1 net up 12.6% to P7.25B

Tycoon Andrew Tan-led property developer Megaworld Corp. grew its first semester net profit attributable to parent shareholders by 12.6 percent year-on-year to P7.25 billion.

For the second quarter alone, Megaworld’s net profit rose by 13.5 percent year-on-year to P4.1 billion.

Six-month revenues from real estate sales rose by 7.6 percent year-on-year to P14.66 billion.

The company’s residential business posted 9 percent year-on-year revenue growth to P18.22 billion.

As an indicator of future growth, Megaworld’s reservation sales as of end-May amounted to P73 billion.

Megaworld’s hotel businesses also grew by 10 percent year-on-year to P715 million.
The company’s rental business—which includes office, malls and commercial space leasing—also posted a 17-percent growth in rental income to P6.79 billion.
Megaworld’s office space inventory stood at 1.013 million square meters. —DORIS DUMLAO-ABADILLA