Megaworld nets P6B

TYCOON Andrew Tan-led Megaworld Corp. booked a 10.4-percent growth in first semester net profit to P5.81 billion, driven by higher hotel revenues and rental income from its office, mall and commercial center portfolio.

Including earnings attributable to minority interest, Megaworld’s six-month net profit was up by 11 percent year-on-year to P6.03 billion, driven by a double-digit rise in earnings from its office, mall and commercial center portfolio.

For the second quarter alone, Megaworld’s net profit attributable to equity holders of parent amounted to P3.3 billion, up by around 10 percent year-on-year.

Rental income increased by 15 percent in the first semester to P4.84-billion as the company continued to build up its recurring earnings base, the company disclosed to the Philippine Stock Exchange on Wednesday.

Consolidated core revenues of the Megaworld group – which includes subsidiary brands Global-Estate Resorts Inc. (GERI), Empire East Land Holdings Inc. and Suntrust Properties Inc. – amounted to P23.03-billion for the first half, up by 5 percent from the level in the same period last year.