Tycoon Andrew Tan’s Megaworld Corp. posted strong earnings growth in 2017 on the back of gains made across its residential sales and leasing segments.
The builder, which still sees robust demand, added it would spend around P60 billion in capital expenses for 2018, matching the figure it committed the previous year.
The company, which focuses on integrated communities or so-called township developments, said profit in 2017 hit P12.8 billion, up 12.7 percent. Total revenues, about 70 percent coming from residential sales, rose 7.7 percent to P50.4 billion.
“The healthy growth was underpinned by the strong performances of its key businesses in residential and hotel developments, office as well as commercial space leasing in malls and shopping centers,” Megaworld said in its disclosure.
“We are still way beyond our targets and we see this momentum to continue until we reach our P20-billion target in annual rental income by 2020, or even beyond that. There are still so many opportunities to tap in the property market and we are ready for that,” Francis Canuto, Megaworld senior vice president and treasurer, said in the company’s filing with the Philippine Stock Exchange.