Megaworld profit up 11% to P3.2 billion

MANILA, Philippines — Megaworld Corp. grew its net income by 11.3 percent to P3.2 billion in the first quarter as revenues increased by 10 percent.

Consolidated revenues amounted to P13.1-billion, P8.8 billion of which came from the residential business which was up six percent year on year.

Hotel revenues grew 10 percent to P368 million as the company continued to expand its homegrown hotel brands Savoy and Belmont to other areas.

Megaworld is set to complete five office towers this year which will add 207,000 square meters of leasable office space and bring total office inventory to 1.2 million square meters, still the highest among the developers in the country.

 These office towers include the Eastwood Global Plaza in Eastwood City, Two Techno Place in Iloilo Business Park, 10 West Campus in McKinley West, Southwoods BPO Tower 1 in Southwoods City and the World Commerce Place in Uptown Bonifacio.

 The company will also complete seven lifestyle malls and commercial properties with additional 176,000 square meters of gross floor area.These will be in ArcoVia City, Iloilo Business Park, McKinley Hill, Alabang West, Uptown Bonifacio, Makati City and Las Piñas City.