Megaworld Q1 profit rises 6% to P6.2B

MANILA, Philippines – Property giant Megaworld Corp. grew first-quarter net income by 6 percent to P6.2 billion, supported by steady gains across its core business segments.  

In a disclosure on Monday, the Andrew Tan-led firm said its consolidated revenues reached P21.6 billion, slightly higher year-on-year, with all major segments posting growth during the period.  

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Leasing income rose 6 percent to P5.6 billion, led by stronger mall performance and continued tenant expansion across its township developments.  

Mall revenues alone climbed 9 percent to P1.8 billion, driven by sustained consumer spending and over 12,000 square meters (sq m) of new store openings.  

Office revenues grew 4 percent to P3.8 billion as demand from business process outsourcing firms and multinationals remained firm, with over 95,000 sq m transacted.  

Hotel revenues increased 8 percent to P1.5 billion, buoyed by higher room rates and increased meetings, incentives, conferences and exhibitions activity.  

Property sales held steady at P13.3 billion, though rising 15 percent, as construction progress supported revenue recognition.  

Megaworld also launched its 37th township, a 97-hectare development in Negros Occidental, reinforcing its push into provincial growth markets.