MEGAWORLD Corp.’s reported net income during the first nine months of the year hit P10.34 billion, about 12-percent higher than the P9.27 billion the company reported in the same period last year.
Revenues from investment properties rose 19 percent year-on-year during the first three quarters of the year, pushing up the company’s nine-month earnings, according to the property-development arm of businessman Andrew Tan.
“The company’s robust rental income also helped sustain earnings growth on the back of strong office and commercial leasing businesses,” Megaworld said.
The first three quarters saw its rental income surging to P8.82 billion, from P7.41 billion during the same period last year.
Consolidated revenues, on the other hand, stood at P37.10 billion during the first nine months, growing around 5 percent, from the previous year’s P35.26 billion.
Residential revenues remained steady while hotel revenues were up 8 percent year-on-year.
“There is a brighter side for our residential business as we have started the bulk of our unit turnovers in Makati and Fort Bonifacio this year,” Megaworld said. “Our rental business remains to be a key contributor to our consistent growth, and we see this to become stronger in the coming years as we complete more office and commercial buildings, as well as malls in our townships across the country. There is also a remarkable growth in our hotel business as we open more hotels in Metro Manila, Boracay, Iloilo, Cebu and Tagaytay.”