Megaworld income jumps 25%

MANILA, Philippines—Tycoon Andrew Tan-led Megaworld Corp. reported a 25-percent rise in its profit last year to a record P5.1 billion on robust sales of its residential, office and retail property portfolios.

Megaworld on Thursday disclosed to the Philippine Stock Exchange that its consolidated revenue hit P20.5 billion last year, up by 16 percent. Rental income from office and retail developments grew by 35 percent to P2.7 billion from a year before.

Tan is among the four tycoons in the country who made it to Forbes Magazine’s roster of the world’s billionaires (in dollar terms).

Megaworld said it remained in a strong net cash position, with cash and cash equivalents in its book amounting to P22 billion.

The company said it remained “very bullish” on the prospects of the Philippine economy and of the country’s real-estate industry.

“With its strong capital base of more than P55 billion, the company is in a position to pursue its goals even as it continues to enhance its operating efficiency and profitability,” it said.

Megaworld first vice president Francis Canuto attributed the company’s strong residential sales to its business model. “Our township developments that follow a live-work-play-learn model have become very popular among buyers because it offers a lifestyle of convenience.”

The company has seven ongoing projects in Metro Manila and several residential developments in the Makati Central Business District and San Juan.

Megaworld claims to be the first to develop an information technology park in the Philippines through its project in Eastwood City, which provides a 24/7 work environment to business process operations.