Megaworld logs P5 billion net income in first quarter 2024

Business.
Business.(Business File photo)

MEGAWORLD saw its net income climb to P5 billion during the first quarter of 2024, a significant 10 percent increase from the same period last year.

Net income attributable to shareholders of the parent company stood at P4.4 billion, marking an eight percent growth year- on-year.

Consolidated revenues grew by 16 percent to almost P19 billion as core businesses registered solid growth during the period.

Real estate sales surged by 29 percent to P12.1 billion, driven by strong bookings and unit sales, while leasing revenues grew six percent to P4.6 billion during the quarter compared to the same period last year.

Mall revenues soared by 20 percent to P1.5 billion, driven by higher tenant sales and improved occupancy of 93 percent, while office revenues were on the same level at P3.2 billion.

The firm’s hospitality business, on the other hand, grew by 39 percent to P1.1 billion compared to P813 million in the same period last year. / PR

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