[ manilatimes.net ] May 14, 2011
MEGAWORLD Corp. reported a double-digit growth in its earnings in the first quarter on stronger residential real estate sales and leasing revenues.
In a disclosure to the Philippine Stock Exchange, the real estate firm of Andrew Tan said its net income hit P1.25 billion in the first three months, 21 percent higher than the previous year.
Consolidated revenues jumped 23 percent to P5.73 billion from P4.65 billion in 2010.
Rental income from its business process outsourcing (BPO) office and retail developments grew 36 percent to P809 million from P596 million the year before.
Francis Canuto, Megaworld senior vice president, attributed the company’s strong residential sales and rental income to “the strength of the company’s business model.”
The property firm remains bullish about the prospects of the Philippine economy, as well as the local real estate industry.
This year, the Megaworld group, which includes associates Empire East Land Holdings Inc. and Suntrust Properties Inc., will embark on a P79-billion home-building program, rolling out 18,673 residential units with an aggregate floor area of more than 830,000 square meters.
Megaworld is set to add P60-billion worth of projects to its existing portfolio of more than P41 billion, covering 11,110 units with an aggregate floor area of more than 372,000 square meters.
The company will grow its rental portfolio of BPO office developments and retail malls from 453,600 square meters to around 639,400 squares by yearend.
Megaworld has developed community townships that incorporate the live-work-play-learn concept. It has seven ongoing projects within Metro Manila and several residential developments within the Makati Central Business District and San Juan.
With total assets of over P100 billion and cash and cash equivalents totaling P23.2 billion, the company said it is in a strong position to pursue its goals as it continues to enhance its operating efficiency and profitability.
Megaworld shares rose to P2.16 on Friday from P2.14 each on Thursday.
KRISTA ANGELA M. MONTEALEGRE
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