Property developer Megaworld Corp. posted a net profit of P2.35 billion in the first quarter, flat from the level in the previous year due to non-recurring gains that lifted earnings in 2014.
On a recurring basis, Megaworld said Wednesday that it had posted a 12.48-percent growth from the comparable earnings of P2.09 billion in the same period last year. Including extraordinary items, net profit in the first quarter of 2014 amounted to P2.65 billion as other income doubled due to the gain from the acquisition of a new subsidiary.
This year, Megaworld said residential sales from the various townships across the country remained strong and leasing income from its office and retail portfolio continued to grow even at the start of the year.
“We are on track in achieving consistent quarterly double-digit growth and we remain optimistic to hit and even surpass our growth target for the year,” said Francis Canuto, chief finance officer of Megaworld.
Consolidated revenues of Megaworld Group—which includes Global-Estate Resorts Inc. (GERI), Empire East Land Holdings Inc. and Suntrust Properties Inc.—amounted to P10.47-billion for the first quarter, up 12.08 percent on a recurring basis.
Megaworld’s rental income from office developments and malls soared to a record P1.99 billion in the first quarter, 15.98-percent higher than the level in the same period last year.
Earlier this year, Megaworld announced that it expected its rental income to reach P10 billion by 2016 as it further expands its office and mall portfolio in various townships.
Megaworld, which pioneered the live-work-play-learn lifestyle concept, has launched 17 integrated urban township developments across the country: Eastwood City in Quezon City (18.5 hectares); Newport City in Pasay City (25 hectares), also the home of Resorts World Manila; McKinley Hill (50 hectares), McKinley West (34.5 hectares), Uptown Bonifacio (15.4 hectares) and Forbes Town Center (5 hectares), all in Fort Bonifacio; The Mactan Newtown in Cebu (28.8 hectares); Iloilo Business Park in Mandurriao, Iloilo City (72 hectares); Boracay Newcoast on Boracay island (150 hectares) and Twin Lakes in Tagaytay (1,300 hectares) of GERI, a subsidiary of Megaworld; as well as Woodside City in Pasig City (12.3 hectares); Southwoods City in the boundary of Cavite and Laguna (561 hectares); Davao Park District in Lanang, Davao City (11 hectares); Alabang West in Las Piñas City (62 hectares); Suntrust Ecotown in Tanza, Cavite (350 hectares) and The Upper East (34 hectares) and Northill Gateway (50 hectares) both in Negros Occidental.
Over the past 25 years, the Megaworld group has developed 342 completed residential and office buildings covering a total area of around 6.4 million square meters.