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MANILA, Philippines -- Megaworld Corp., the Philippines' second-largest property developer, said Tuesday its net profit rose 29 percent in the first quarter from a year earlier, driven mainly by higher real estate sales.

Net profit rose to P1.01 billion ($23.7 million) from P786 million, the company said.

"We believe that the property market still has a lot of room to grow and we continue to be responsive to the demands of our buyers," said chairman and chief executive Andrew Tan.

Revenue surged 63 percent to P4.67 billion.

"We hope to end 2008 with about P3.8 billion in net profit, thus marking another year of record profit," Tan said in a statement.

At 10:54 a.m. (0254 GMT), shares in Megaworld were trading 1.9 percent higher at P2.16, helping lift the main index, which gained 1.5 percent.

($1 = P42.60)

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• Oil retreats from record; Asian shares gain
• SM Investments Q1 profit up 15%
• Ayala Land to raise P4B from bond sale

• Call centers scramble to widen talent pool
• ADB may let gov’t decide which projects to fund
• World stocks fall despite oil’s drop
• Oil falls below $144
• ERC turns down PSALM demand to collect P9B