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Megaworld declares P488m worth of cash dividend

by Jenniffer B. Austria
[ ] June 17, 2010

Condominium builder Megaworld Corp. said its board approved the declaration of P487.7 million worth of cash dividends for holders of common and preferred shares.
Megaworld said in a disclosure to the stock exchange that holders of common shares would receive P0.019 apiece while owners of preferred shares would be paid P0.01.
The company set the record date for both common and preferred shares on July 6, 2010. Payment is set on July 30, 2010.
Megaworld said it would use retained cash earnings of P16 billion as of end-December 2009 to finance the cash dividend.
Megaworld posted a net profit of P4.06 billion in 2009, up 7.2 percent from P3.79 billion in 2008, as consolidated revenues rose 2.7 percent to P17.8 billion from P17.3 billion a year ago.
The bulk of consolidated revenues amounting to P12.57 billion in 2009, or 70.8 percent, came from the sale of residential lots and condominium units from P12.43 billion in 2008.
Rental income contributed P2 billion or 11.26 percent to the consolidated revenue from P1.3 billion posted a year ago, or up 54 percent.
The group’s hotel operations contributed P216.14 million in 2009, up 12 percent from P246.92 million in 2008.
Megaworld is the foremost residential developer in the Philippines and a pioneer in the development of projects revolving around the live-work-play-learn concept. The company currently has six ongoing township projects within Metro Manila and several residential developments in the Makati Central Business District.
The company was the first to develop an information technology park in the Philippines through its project in Eastwood City, which provides a 24x7 work environment to business process operations servicing the global market.

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