MEGAWORLD Corp., the property-development arm of businessman Andrew L. Tan, said its net income grew by 12 percent to P11.63 billion last year, from P10.39 billion in 2015.
The company said its figure is net of P82 million in nonrecurring gain, narrower than last year’s net of P181-million nonrecurring gain.
“Megaworld achieved another milestone last year, as we breached the P10-billion mark for our rental revenues. We have achieved our targets across the board, as we have steadily grown and expanded our core businesses,” Megaworld said.
“Township development remains to be a key strength of our company, and we have focused on strengthening the various components of our townships on top of our residential businesses, such as offices, malls and commercial developments, as well as hotels,” it added. Revenues, excluding nonrecurring gains, grew 4 percent year-on-year (YOY) to P46.74 billion, compared to P44.81 billion in 2015.
The company’s successful cost-management programs only led to a modest 2-percent growth in costs and expenses at P35.1 billion in 2016, from P34.4 billion in 2015. Prudent spending for operation expenses led to a 5-percent growth, a remarkable improvement from a 7 percent YOY growth in 2015.
“Last year we became successful in introducing another concept in real-estate development, which we call the ‘integrated lifestyle community’. This year we hope to add more developments under this category, as we activate some of our remaining raw lands across the country that have good potential for leisure and tourism,” it said.
In 2016 Megaworld introduced Eastland Heights, its first integrated lifestyle community expanding 640 hectares on the mountains of Antipolo, Rizal. Earlier in 2016, the company also launched its 21st township, called Maple Grove, in General Trias, Cavite, spanning 140 hectares.
During the last 27 years, the company was successful in master planning integrated urban townships across the country that include Eastwood City in Libis, 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 (5 hectares), all in Fort Bonifacio, Taguig City; The Mactan Newtown in Lapu-Lapu City, Cebu (30 hectares); Iloilo Business Park in Mandurriao, Iloilo City (72 hectares); Santa Barbara Heights in Santa Barbara, Iloilo (173 hectares); Boracay Newcoast on Boracay Island (150 hectares); MegTwin Lakes in Alfonso, Batangas, near Tagaytay (1,300 hectares); and ArcoVia City in Pasig City (12.3 hectares).
Other Megaworld integrated urban townships are 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; Capital Town Pampanga beside the Pampanga Provincial Capitol in the city of San Fernando (35.6 hectares); and Westside City in the Entertainment City in Parañaque City (31 hectares).