Megaworld posts 10.4% increase in 6-mo. profit

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 revenue and rental income from its office, mall and commercial center portfolio.

Including profit attributable to minority interest,  Megaworld’s six-month net rose by 11 percent year-on-year to P6.03 billion, the company told the Philippine Stock Exchange Wednesday.

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

Consolidated core revenue of the Megaworld group—including subsidiary brands Global-Estate Resorts Inc. (Geri), Empire East Land Holdings Inc. and Suntrust Properties Inc. —hit P23.03 billion in the first half, up by 5 percent from year ago level.

Real estate sales for the first six months reached P13.4 billion, matching the same level as last year. This accounted for 58.34 percent of total revenue for the period.

The group’s sales came mostly from the following projects: One Eastwood Avenue Towers 1 and 2, Two Central, St. Moritz Private Estate, Savoy Hotel—Newport City, The Palladium, Three Central, One Manchester Place, The Venice Luxury Residences, Uptown Parksuites Tower 1 & 2, Greenbelt Hamilton Towers 1 & 2, Uptown Ritz Residences, and Viceroy East Tower.

Rental income rose by 15 percent in the first semester to P4.84 billion as the company continued to build its recurring earnings base. Rental income contributed 21.03 percent to the consolidated revenue. Doris Dumlao-Abadilla