Vis-Min BPOs to swell Megaworld profits to P11B in 2016
Megaworld said its core net income rose 10.6 percent to P10.39 billion due to double digit expansion in both commercial property rental and residential development.
In a statement, Megaworld — the country’s largest developer of integrated urban townships and the biggest lessor of office spaces – said consolidated revenues amounted to P44.81 billion, up 9.4 percent year on year.
Among business segments, Megaworld’s leasing operations posted the highest growth at 23.46 percent.
Leasing income from malls, commercial centers, and offices reached P8.73‐billion last year, higher than the P7.07 billion recorded in 2014.
“Our rental business had been growing exponentially the last five years. We are confident that we will reach the P11‐billion target by the end of this year as we see continuous growth in consumer spending as well as further expansion of BPO companies, particularly in key growth areas in Visayas and Mindanao where Megaworld is already present, ” said Francis Canuto, chief finance officer of Megaworld.
“We already have a strong roster of townships across Luzon, Visayas and Mindanao that are backed by adequate landbanking and carefully‐thought masterplans. We have already mastered the art of township development.
What we want to put focus on now is how to further grow our rental portfolio, which is integral to being a township developer. Malls and offices are key components of an urban township,“ he added.
The company launched five townships, bringing its total township developments across the country to 20 at the end of 2015.