Rental revenues lift Megaworld Q3

MEGAWORLD CORP. grew earnings by 12% in the third quarter, fueled by the double-digit increase in rental revenues.

In a regulatory filing, the property firm of tycoon Andrew L. Tan reported its net income attributable to the parent jumped to P3.53 billion in the July to September period from P3.16 billion during the same period a year ago.

This brought its nine-month attributable profit to P9.98 billion, 11% higher than the P8.98 billion it delivered in the same period in 2016.

Consolidated revenues rose 5% to P12.82 billion in the third quarter, driving its nine-month tally 5% higher to P37.1 billion.

For the third quarter, rental income went up 16% to P3 billion, while the nine-month figure surged by 19% to P8.82 billion.

“Our rental business remains to be a key contributor to our consistent growth, and we see this to become stronger in the coming years as we complete more office and commercial buildings as well as malls in our townships across the country,” Megaworld Senior Vice- President and Treasurer Francisco C. Canuto said in a statement. —