Megaworld’s 9-month profit jumps 14% to P12.8 billion

MANILA, Philippines — Megaworld reported  a nine-month net income of P12.8 billion, up 14 percent year-on-year.

Third quarter earnings reached P4.5 billion, 12 percent higher than the previous year.

Consolidated revenue for the nine- month period grew 17 percent to P48.1 billion, buoyed by the company’s strong core businesses.

Megaworld chief strategy officer Kevin Tan said all business segments grew.

“We have already introduced quite a number of real estate projects this year, which reflects the kind of demand that we have been seeing since last year. Megaworld will always be market driven, and as long as we see this type of demand on the ground, then we will continue to launch projects aggressively,” Tan said.

Real estate sales grew 11 percent  to P30.7 billion.

As of the end of September, Megaworld launched P58.7 billion worth of new residential inventory, while reservation sales reached P114 billion.

Rental income increased 19 percent to P12.4 billion.

Moving forward, the company targets to complete another 192,000 square meters of office space this year.

By the end of 2020, the company will breach the two-million sqm mark in its office space portfolio with the completion of new state-of-the-art office towers in Uptown Bonifacio, McKinley West, Iloilo Business Park, and ArcoVia City, cementing its position as the country’s largest office developer and landlord.

“Our rental business remains to be a key driver to our consistent growth, and we see this to become stronger in the coming years as we roll out more office and retail spaces in our townships across the country,” Tan said.

The hotel business also grew its revenues by 82 percent to P1.9 billion. It now has over 3,500 hotel rooms.

To date, Megaworld already has 25 master-planned townships and integrated lifestyle communities across the country.