Megaworld Corp. on Wednesday said it posted a net income of P4.6 billion in the first quarter, some 30 percent higher than last year’s P3.5 billion as all core businesses registered strong revenue growth.
The company said this is the first time that it surpassed its quarterly income since the pandemic, and marks its full recovery.
Revenues rose 19 percent to P14.59 billion from last year’s P12.25 billion.
“We start the year strong as we continue sustaining the recovery momentum of our businesses and finally grow past our prepandemic performance for the first time since the pandemic began in 2020. This affirms our position in the industry and ability to quickly adapt in this new environment and capture opportunities,” Kevin Andrew L. Tan, the company’s executive vice president and chief strategy officer, said.
Real estate sales for the quarter grew 17 percent year-on-year to P9.4 billion, driven by the higher completion rate of its projects.
Residential pre-sales surged by 71 percent to P39.6 billion and already accounts for 30 percent of the company’s year-end reservation sales target of P130 billion. The company saw renewed demand in Metro Manila during the quarter especially in its projects in McKinley West and Uptown Bonifacio in Taguig.
Leasing revenues, meanwhile, grew by 18 percent to P4.4 billion with the growth led by the performance of the shopping mall segment.
Megaworld’s offices posted P3.1 billion in rental income during the period, a slim 5 percent increase from last year’s P3 billion. This resulted from the growing transactions from both traditional and business process outsourcing tenants, as well as emerging businesses.
“As we move forward, we are now focused on sustaining our strong growth and look to close the year with a record performance for Megaworld,” Tan said.
Megaworld’s shopping malls saw revenues jump by 73 percent in the first quarter, amounting to P1.2 billion, mainly driven by increased spending and higher rents as the company started to collect full rents at the start of the year.
Its hotels and resorts saw revenues soar by 62 percent to P813 million for the period, from last year’s P503 million, driven by the continued growth of in-city hotels, meetings and convention activities, as well as the strong growth in food and beverage revenues.
