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Megaworld posts faster profit growth

Posted on April 17, 2012 10:36:10 PM [ BusinessWorld Online ]

LISTED DEVELOPER Megaworld Corp. saw its 2011 net income grow by roughly 60% over year-ago levels on the back of higher real estate sales and leasing income, a filing with the Philippine Stock Exchange showed yesterday.

The listed property arm of Andrew L. Tan-owned Alliance Global Group, Inc. hiked its total net income for 2011 by a faster 59.64% to P8.03 billion from P5.03 billion the year previous.

In contrast, profit growth in 2010 was just at 23.89%
This, as consolidated revenues rose by 39.35% to P28.63 billion in 2011 from P20.54 billion.

Property sales, which account for more than half of the firm’s business, expanded by 21.18% to P15.89 billion from P13.11 billion, anchored by registered sales from the company’s eight major developments in Metro Manila.

Rental income, on the other hand, advanced by 42.02% to P3.83 billion versus P2.70 billion, year on year, as more leasing properties were completed and demand for BPO (business process outsourcing) office space grew.

At present, Megaworld is developing over 40 residential and BPO projects in Metro Manila under its so-called “live-work-play-learn” philosophy.

The company’s hotel operations, meanwhile, contributed P392.17 million last year, a 68.49% surge from 2010’s P232.76 billion, primarily due to an increase in available hotel rooms and occupancy rates.

Costs and expenses, meanwhile, expanded by a third to P20.45 billion to support increased real estate sales and higher marketing and selling expenses.

For 2012, Megaworld is allotting P25 billion for capital spending this year, with 11 residential projects targeted for launching in the first semester alone.

Megaworld had recently claimed the lead in the number of condominium units set for completion in the next four years, with a December 2011 report by property consultancy Colliers International Philippines projecting 1.15 million square-meters of total aggregate saleable area for Megaworld by 2016.

It claims to have launched approximately 225 residential, office, and hotel project, bringing its aggregate property footprint to over 5.8 million square meters as of end-2011. -- FJGDLF
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