Friday August 17, 2018

Megaworld’s profits up 12% to P7.51 billion

MEGAWORLD, the Philippines’ biggest developer of integrated urban townships, achieved a net income of P7.51 billion during the first half of 2018, 12 percet higher than the P6.69 billion it achieved during the same period the previous year.

Net income attributable to parent company’s shareholders also recorded a 13 percent growth to P7.25 billion in the first half of this year from P6.44 billion during the first six months of 2017.

The property giant’s earnings for the first two quarters of the year was buoyed by strong results from all its core businesses, with the hotel business having posted record growth during the year.

Megaworld’s hotel businesses grew 10 percent from P648 million during the first half of 2017 to a record P715 million in the same period this year.

“We are ready to supply more rooms to support the government’s goal of 10 million tourist arrivals by 2020. We are in key tourism areas like Cebu, Boracay and Tagaytay,” said Francis Canuto, senior vice president and treasurer of Megaworld.

The company’s rental business, which includes office, malls and commercial space leasing, also posted another record growth during the first half of the year. Rental income soared 17 percent to P6.79 billion this year from P5.83 billion during the same period last year.

For its office business, Megaworld’s office space inventory stood at 1,013,000 square meters with more office towers remain in the pipeline.

The company’s residential business, on the other hand, saw a nine percent growth year-on-year during the period, reaching P18.22 billion this year compared to last year’s P16.77 billion.

As of end-May this year, Megaworld already recorded P73 billion in reservation sales from its residential developments in its numerous townships and integrated lifestyle communities. (PR)