Posted on August 14, 2012 09:39:55 PM
[ BusinessWorld Online ]
TWO LISTED developers yesterday
reported mixed first-half results, with Megaworld Corp. posting a profit drop
on weakened revenues, while Filinvest Land, Inc. fared better with a
double-digit earnings hike.
Megaworld, the middle-income property
arm of Alliance Global Group, Inc., saw its first-semester net income decline
by 30.16% to P3.59 billion from P5.14 billion a year ago, a filing with the
Philippine Stock Exchange showed yesterday.
Total first half revenues, comprised
mostly of real estate sales and rental income, slid by 2.03% to P15.43 billion
from the same period last year, while costs and expenses in the period expanded
by 10.86% to P11.74 billion versus P10.59 billion, year on year.
For the second quarter alone,
Megaworld’s net income plummeted by 47.83% to P2.04 billion from P3.91 billion
last year, while revenues shrunk by 15.95% to P8.43 billion versus P10.03
billion in 2011.
Gotianun-led developer Filinvest Land,
Inc., for its part, hiked its net income for the year’s first six months by
19.53% to P1.53 billion from last year’s P1.28 billion, fueled by an uptick in
the company’s revenues that increased by 24% to P5.21 billion versus P4.19
billion in the same period last year, a separate disclosure showed.
Real estate sales grew by 28% to P3.84
billion from P2.99 billion last year, while rental income from Festival
Supermall, PBCom Tower, and Northgate Cyberzone amounted to P894 million, 16%
higher than P738 million in the first half of 2011.
Filinvest Land’s latest financial
statement was not immediately made available.
Filinvest Land was incorporated in
1989 and, as of end-2011, held a 2,288-hectare land bank mostly in Mega Manila.
Megaworld was similarly incorporated
in 1989 as Megaworld Properties and Holdings, Inc., and claims to have launched
approximately 225 residential, office, and hotel units -- bringing its
aggregate property footprint to over 5.8 million square meters.
At present, Megaworld is developing
over 40 residential and business process outsourcing projects in Metro Manila
under its so-called “live-work-play-learn” philosophy.
Megaworld shares gained by 1.77% to
close at P2.30 apiece yesterday, while Filinvest Land fell by 0.75% to P1.33.
-- F. J. G. de la Fuente
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