Megaworld nets P2.69 billion in first quarter

Screengrab from www.megaworldcorp.com

MANILA, Philippines — Property developer Megaworld Corp. grew its first quarter net profit by 49 percent year-on-year to P2.69 billion as one-time gains added to residential and leasing income.

In a press statement on Wednesday, Megaworld cited strong residential development revenues from various townships, particularly in Newport City, Uptown Bonifacio, McKinley Hill and Eastwood City; and higher leasing income from its office and retail portfolio.

“As we celebrate our 25 years in the real estate industry, we look forward to another record breaking year for Megaworld as we aggressively expand our townships across the country,” said Megaworld chair and chief executive office Andrew Tan.

Rental income from office developments and lifestyle malls surged to a record P1.7 billion in the first quarter, 23 percent higher than P1.39 billion same period in 2013.

Total revenues of Megaworld, together with its residential development subsidiaries Empire East Land Holdings and Suntrust Properties, amounted to P9.94 billion for the first quarter, up 22 percent from the same period last year.

As an indicator of future revenue growth, Megaworld posted P19.6 billion in reservation sales in the first quarter, 9 percent higher compared to same period last year.

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