Megaworld’s Q1 net income up by 41% to P3.5-B

MEGAWORLD reported a 41 percent growth in its net income to P3.5-billion for the first quarter this year from P2.5-billion during the same period last year as the business environment continued to improve.

Net income attributable to the parent company, likewise, increased by 30 percent year-on-year to P3.1-billion during the quarter compared to last year’s P2.4-billion.

Consolidated revenues reached P13.1-billion, growing by 29 percent from P10.2-billion recorded the previous year as the company’s business segments posted double digit improvements.

“This is definitely a strong start for us, and affirms that our improved performance can be sustained. While there was some concern last January due to the omicron variant, consumer confidence remained on the uptrend and our quick recovery showed that we are now in a better position to manage the pandemic and move forward,” said Kevin L. Tan, chief strategy officer, Megaworld.

Real estate sales for the quarter grew by 36 percent year-on-year to P8.1-billion as construction activities normalized. Reservation sales also increased by 12% to P23.2-billion compared to P20.7-billion reported a year ago.

Meanwhile, Megaworld Premier Offices, which hit a record high in rental income in 2021, continued its momentum as it registered P3.0-billion in rental income for the first three months of the year, up by 16 percent as compared to P2.6-billion it netted for the same period last year. /