Megaworld’s profit up 12.5% to P8.35B in Jan-Sept

March 14, 2016

Megaworld Corporation, the Philippines’ biggest township and office space developer, said its net income grew 12.5 percent to P8.35 billion during the first nine months of 2015, driven by its aggressive expansion of its integrated urban townships across the country.

It was also supported by the company’s pioneering real estate concept in the country that synergizes residential, office, commercial and institutional components of a community.

In a disclosure to the Philippine Stock Exchange, Megaworld said consolidated revenues grew 10.85 percent to P33.53 billion during the first nine months.

“While we have been successful in our aggressive expansion of our townships across the country, it is time to further build on our recurring income portfolio,” said Megaworld chief finance officer Francis Canuto.

Megaworld’s rental arm was the fastest growing business segment during the first nine months of 2015, soaring to a record growth of 24 percent to P6.44 billion from P5.20 billion of the same period last year.

“We are currently building more office towers and more malls and commercial spaces in all of our townships. We are certain in reaching our rental income target of P9 billion this year,” he added.

Megaworld’s residential sales likewise continued its growth trajectory. Real estate sales grew 11.50 percent to P20.49 billion.

Completing its target of five townships to be launched this year, Megaworld recently launched Westside City in Parañaque near Manila Bay as its 20th township.

The company also launched four other new townships during the first nine months of the year namely, Northill Gateway (53 hectares) and The Upper East (34 hectares) in Negros Occidental; Sta. Barbara Heights (170 hectares) in Iloilo; and a 35.6-hectare vast property beside the Pampanga Provincial Capitol in the City of San Fernando.

“Our 20 townships become a testament of our company’s continuing commitment to help build the country. We will continue to build communities that make living, working and playing more convenient and exciting to Filipinos,” said Canuto.

Read more at http://www.mb.com.ph/megaworlds-net-income-up-12-5-to-p8-35b-in-jan-sept/#CwEeoqYwLxgAxRuk.99

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