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Megaworld increases profit to P4.25b

By Jenniffer B. Austria | Posted on Aug. 13, 2013 at 12:02am | manilastandardtoday.com
Megaworld Corp., the second-biggest property developer, said Monday net profit in the first six months of the year rose 15 percent to P4.25 billion from P3.69 billion year-on-year, on strong sales from residential projects.
Megaworld said in a disclosure to the stock exchange first-half revenues grew 12 percent to P17.28 billion from P15.43 billion on year.
Megaworld, along with subsidiaries Empire East Land Holdings Inc. and Suntrust Properties Inc., registered P38 billion in reservation sales in the six-month period, up 27 percent from first half 2012 level.
“We see continued significant growth in the Philippine property sector, especially in the residential, commercial and office segments due to… strong macroeconomic fundamentals, the continued influx of [workers’] remittances and a strong consumer sector,” Megaworld chairman and chief executive Andrew Tan said.
Tan said the company was on track to hit the P70-billion reservation sales target for the whole of 2013 given the company’s first-half performance.
The property company plans to launch 25 residential projects in 2013, including 12,000 condominium units.
Megaworld unveiled 14 projects in the first half of the year, while middle-income housing unit Empire East introduced five residential towers. Suntrust Properties, which is developing affordable housing projects, rolled out two projects during the period.
Rental income from office and retail developments, meanwhile, rose 25 percent in the first half of the year to P2.83 billion from P2.26 billion.
“We will continue to build more office developments and lifestyle malls to support the growing demands of the BPO industry and retail consumers. This will enable us to achieve another record year for our rental income,” Tan said.
Megaworld plans to build over 500,000 square meters of office space in its portfolio by the end of the year.
Shareholders last month approved an increase in the company’s capital stock by P10 billion, consisting of 10 billion shares.
Parent Alliance Global Group Inc. is subscribing 2.5 billion shares at a price of P4.29 apiece for a total of P10.725 billion.
The subscription to additional shares will increase Alliance Global’s stake in Megaworld to 67 percent from the current 63 percent.
Share price of Megaworld gained P0.02 to P3.27.
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