MANILA, Philippines — Megaworld, the Andrew Tan-led real estate developer, grew its net income to P3.3 billion in the third quarter, up 46 percent from P2.2 billion a year ago on the back of the economy’s steady recovery.
Kevin Tan, Megaworld chief strategy officer, said the recovery momentum has been picking up because the alert levels in Metro Manila and nearby areas have eased along with the improving COVID situation.
“The recovery momentum has started to pick up and we hope that the lowering of the alert levels especially in Metro Manila will continue until the year-end. As more people safely go out and enjoy the normal life, the better for business and our economy as a whole,” Tan said.
Net income attributable to parent company’s shareholders was up 57 percent to P3.2 billion during the quarter.
In the nine months to September, the company’s net income likewise grew six percent to P8.6 billion from P8.1 billion the previous year while net income attributable to parent company’s shareholders increased by 10 percent to P8.2 billion.
The company raked in consolidated revenues of P14.5 billion in the third quarter, up 50 percent from P9.6 billion a year earlier. This brought nine month revenues to P36.9 billion or 10 percent higher than the P33.4 billion reported a year ago.
Real estate sales led the recovery, soaring 102 percent to P9.6 billion during the third quarter, reflecting the expansion in construction activities.
Reservation sales for the quarter amounted to P17.1 billion, up 35 percent year-on-year.
Real estate sales from January to September were also up by 21 percent to P23.1 billion.
Megaworld Hotels & Resorts also performed well, posting revenues of P552 million in the third quarter, 121 percent up year-on-year. Nine-month revenues rose by nine percent to P1.3 billion
The office business, through Megaworld Premier Offices, meanwhile, recorded an almost flat rental income for the third quarter at P2.9 billion, reflecting a seven percent improvement from the previous quarter as new lease and renewal contracts came in during the period.
Full nine-month revenues from office leasing were also almost flat at P8.1 billion.