Tycoon Andrew Tan’s Megaworld Corp. reported a 16% year on year jump in its first quarter earnings to P3.8 billion, driven by robust growth across all segments.
Consolidated revenue climbed 15% to P14.9 billion, 64% of which came from the group’s residential business while 26% came from rentals and 4% from hotel operations. The rest came from the company’s non-core revenues.
“It is always encouraging to see all of our core businesses exhibiting positive growth during the first quarter as this sets our pace for the rest of the year. We will be working towards maintaining the growth momentum until year-end. We are confident that stronger numbers will be achievable given our pipeline of projects this year,” said Kevin L. Tan, chief strategy officer at Megaworld.
Residential sales grew 11% to P9.5 billion. The company has already generated about P48 billion in reservation sales launched P24 billion worth of new inventory into the market.
Revenues from lease operations went up 16% to P3.9 billion. The company is scheduled to complete more than 230,000 sqm of leasable spaces from its office spaces and Lifestyle Malls spaces in various townships all over the country.
The hotel business saw revenues surge 56% to P574 million, making it the group’s fastest growing segment during the quarter.
Megaworld expects to add over 1,000 rooms by the end of the year with the opening of Belmont Hotel Boracay, Hotel Lucky Chinatown and Savoy Hotel Mactan Newtown.