Real estate pulls up Megaworld earnings by 9 percent

Megaworld Corp.

Strong real estate sales lifted the first-semester profit of property giant Megaworld Corporation by 9 percent to P8.55 billion.

The billionaire Andrew Tan-led company on Wednesday said revenues expanded by 22 percent to P39.1 billion.

Real estate sales surged by 30 percent to P24.8 billion on high demand for residential properties in Megaworld’s township developments, particularly in Taguig, Cavite, Bulacan, Palawan and Cebu.

“We continue to see robust demand for our residential properties outside of Metro Manila,” Megaworld President Lourdes T. Gutierrez-Alfonso said in a statement.

The company aims to expand its residential portfolio to 35 townships by the end of the year from the current 33.

Revenues from its hospitality segment via Megaworld Hotels and Resorts swelled by 38 percent to P2.36 billion as MICE (meetings, incentives, conventions and exhibitions) activities recovered, along with local tourism.

Megaworld Lifestyle Malls saw revenues climb by 19 percent to P3 billion on higher tenant sales and increased foot traffic.

Meanwhile, Megaworld Premier Offices had “stable” revenues at P6.3 billion.