CEBU

Megaworld posts P10.6B net income

IN 2020, Megaworld’s net income slipped by 45 percent to P10.6 billion while consolidated revenues decreased by 35 percent to P43.5 billion compared to the previous year due to the pandemic.

Net income attributable to the parent company stood at P9.9 billion last year.

Megaworld Premier Offices ended 2020 with P10.4 billion in rental revenues, just around the same level in the previous year.

Real estate sales grew 22 percent in the fourth quarter of 2020 compared to the third quarter with reservation sales up 85 percent quarter on quarter, while Megaworld Lifestyle Malls and Megaworld Hotels also grew 24 percent and 25 percent quarter on quarter, respectively.

Megaworld’s rental income slid 23 percent to P12.9 billion last year compared to 2019, while real estate sales declined by 42 percent to P24.9 billion year-on-year.

Despite the effects of the pandemic to the tourism and hospitality industry, Megaworld Hotels still booked P1.5 billion last year. (PR)


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