Megaworld’s Tan: 2017 was a very good year

MEGAWORLD Corp., the property development firm of businessman Andrew Tan, may report a double-digit growth rate for last year, after all of its units performed well.

“2017 was a very good year, that’s all I can say,” Megaworld Senior Vice President Kevin Andrew L. Tan said.

The firm will not be announcing its financial performance until March.

When asked if growth last year was in double digits, Tan replied: “Certainly, to say the least.”

The strong performance was seen across all the firm’s business units, including residential sales, office and retail space leasing and hotels.

For the first nine months of 2017, Megaworld said it posted a 12-percent growth in net income to P10.34 billion from P9.27 billion during the same period of the previous year.

The firm said attributable net income rose 11 percent to P9.98 billion in the first nine months of 2017 from P8.98 billion during the same period last year.

Revenues from investment properties soared 19 percent year-on-year during the first three quarters of the year, pulling up the company’s 9-month earnings.

Megaworld’s robust rental income also helped sustain earnings growth on the back of strong office and commercial leasing businesses.

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,” the company earlier 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.”

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