Top property firms rake in more profits

MANILA, Philippines — Property companies Megaworld Corp. and Vista Land & Lifescapes Inc. reported strong results in the nine months to September.

Andrew Tan’s Megaworld posted a net income of P10.34 billion in the nine months to September, up 12 percent as consolidated revenues rose five percent.

Megaworld senior vice president and treasurer Francis Canuto said the company’s rental business remains a major contributor for growth and would be even stronger in the coming years as the company completes more office and commercial buildings and malls.

“There is also a remarkable growth in our hotel business as we open more hotels in Metro Manila, Boracay, Iloilo, Cebu and Tagaytay,” Canuto said.

At present, Megaworld has a roster of 22 integrated urban townships and integrated lifestyle communities across the Philippines.

 Vista Land, the property company of the Villar family, meanwhile, recorded a 12 percent net income growth to P7.1 billion.

Consolidated revenues grew 12 percent to P26.9 billion.

Vista Land president and CEO Manuel Paolo Villar said the latest results show that the company is on track to hitting its P9 billion net income target for the year.

“We are pleased with our nine-month performance and we are well poised to achieve another record year,” said Vista Land chairman Manuel Villar Jr.

Reservation sales grew 12 percent in the past two quarters to end the nine-month sales at P48.7 billion.

He said demand for housing remains strong because of the growth in disposable income, strong dollar remittances from overseas Filipinos, sound Philippine macroeconomic fundamentals and the government’s drive to accelerate economic activities outside Metro Manila.