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Real estate pushes Megaworld Q1 income

[ .ph ] May 17, 2010

Megaworld Corp. said net income for the first quarter reached of P1.1 billion, up 9 percent from the P1.01 billion in the same period last year, owing primarily to the continued strength of its real estate sales and rental income.
Consolidated revenues reached P4.65 billion, up 6 percent from P4.38 billion. Real estate sales contributed P3.11 billion, from P3.01 billion a year ago.
Megaworld has six ongoing township projects in Metro Manila and several residential developments in the Makati Central Business District.
Rental income from BPO office and retail developments grew to P596.34 million, up 27 percent from P468.86 million year on year.
"With our strong financial position, solid recurring revenue and profit streams, we are confident about 2010. Apart from the office developments we will be completing, we will continue to launch new residential developments. We will, likewise, continue to be on the lookout for possible opportunities for growth that fit into our business model," said Megaworld executive director Kingson Sian.
Megaworld is a leading residential developer. It was the first to develop an information technology park through its project in Eastwood City, which provides a 24x7 work environment to business process operations servicing the global market.
With the success of Eastwood City, Megaworld expanded its portfolio to include McKinley Hill, which is home to some of the biggest names in the BPO industry.
Megaworld is acknowledged as the leader in office development and is currently the largest BPO office landlord. It has 306,000 square meters of BPO office space and expects another 78,000 square meters to be completed within the year. - Albert Castro

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