Megaworld profit builds up 12% in Q1

Tycoon Andrew Tan- led Megaworld Corp. posted a P2.63 billion net income in the first quarter, up 12 percent year on year on higher rental revenues.

Including subsidiaries Global- Estate Resorts Inc. ( GERI), Empire East Land Holdings, and Suntrust Properties, consolidated revenues of Megaworld rose 9.49 percent to P11.46billion.

Rental revenues rose 15 percent to P2.29 billion while residential sales increased 10 percent to P6.86 billion.

Growth is expected to continue along with the continued expansion of the BPO industry in the country, said Megaworld treasurer Francis Canuto.

“We have sustained our expansion plans for our office and mall businesses, which bolstered our rental revenues. In the next five years, we see our rental businesses become the key driver of our growth as we expect a continuing momentum in consumer spending and a remarkable growth in BPO revenues,” Canuto added.

The company expects rental revenues to hit the P11 billion mark by the end of the year.

“We continue to innovate our residential offerings that adapt to the diverse characteristics of each township that we build. That is why we are able to sustain the growth in our residential business,” Canuto said.

To date, Megaworld now has 20 integrated urban township developments across the Philippines.

These are Eastwood City in Quezon City (18.5 hectares), Newport City in Pasay City (25 hectares), McKinley Hill (50 hectares), McKinley West (34.5 hectares), Uptown Bonifacio ( 15.4 hectares) and Forbes Town Center (5 hectares), all in Fort Bonifacio; The Mactan Newtown in Cebu (28.8 hectares), Iloilo Business Park (72 hectares) and Sta. Barbara Heights (173 hectares), both in Iloilo; Boracay Newcoast in Boracay Island (150 hectares), Twin Lakes in Tagaytay (1,300 hectares), ArcoVia City in Pasig City (12.3 hectares), Southwoods City in the boundaries of Cavite and Laguna ( 561 hectares), Davao Park District in Lanang, Davao City ( 11 hectares), Alabang West in Las Piñas City (62 hectares), Suntrust Ecotown in Tanza, Cavite (350 hectares) and The Upper East (34 hectares) and Northill Gateway (50 hectares) both in Negros Occidental; a vast property beside the Pampanga Provincial Capitol in the City of San Fernando (35.6-hectares); and Westside City in the Entertainment City in Paranaque (31 hectares).