Property developer Megaworld Corp. saw its nine-month net income rise by 14% to P12.8 billion on higher rental earnings from its office and shopping mall portfolio as well as steady growth of real estate operations.
Excluding non-recurring gain of P189 million, net income rose 16% to an all-time high P13.5 billion.
Consolidated revenues grew at a robust pace of 17% to P48.1 billion, mostly coming form the sale of condominium units, condoles and residential and commercial lots, comprising 63.83% of the total.
Real estate sales increased by 11% to P30.72 billion while reservation sales amounted to P114 billion.
The company rolled out a total of P58.7 billion worth of new residential units.
“Megaworld’s consistent growth across all business segments is a clear indicator of where the company is going, and we are very optimistic to finish the year strong,” said Kevin L. Tan, chief strategy officer of Megaworld.
Revenues from hotel operations soared 81.6% to P1.87 billion duet the increase in its hotel room capacity while rental income grew 19% to P12.4 billion.
“In the long term, we see our hotel operations to be a major contributor to our growth as we continue to accelerate our hotel developments. With over 3,500 hotel room keys, Megaworld is not just making its presence felt, but more notably, complementing the government’s thrust to attract 12 million international tourists by 2022,” said Tan.
The company will breach the two-million square meter 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.
To further beef up its retail inventory, Megaworld is set to build four new full-scale malls which are slated for completion within the next three years. These include the The Capital Mall in Capital Town, Pampanga; Mactan Newtown Beach Walk in The Mactan Newtown, Cebu; Upper East Mall in The Upper East in Bacolod City; and Highland Mall in Highland City in Cainta, Rizal.