Megaworld Q1 profit down 33% to P2.4B
Tycoon Andrew Tan-led Megaworld Corp. saw a 33- percent year-on-year decline in first quarter attributable net profit to P2.4 billion as the prolonged COVID-19 pandemic curbed residential, shopping mall and hotel operations.
Three-month consolidated revenues amounted to P10.1 billion, down by 33 percent from the previous year.
But netting out the impact of interest and other income, the company’s core revenues sequentially improved by 10 percent to P9.3 billion in the first quarter from the fourth quarter of 2020, due to improved real estate sales, shopping mall and hotel revenues. This marked the third consecutive quarter of improvement in core revenues since bottoming out in the second quarter of 2020. “Gradually, we already see improvements in the numbers, which is a reflection of the recovery in most of our core businesses. With the eased restrictions and the increasing number of Filipinos getting vaccinated, we see better quarters ahead,” Kevin Tan, Megaworld chief strategy officer, said in a disclosure to the Philippine Stock Exchange on Monday.
