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Megaworld sees momentum continuing after first half

Posted on August 11, 2014 10:48:00 PM [ BusinessWorld Online ]

MEGAWORLD Corp. said on Monday that it is confident it will sustain its growth momentum, after reporting a 289% increase in first half net profit, which featured broad-based growth across all business units as well as a non-recurring gain.
Net profit for the first six months hit P16.44 billion, from P4.23 billion a year earlier, with P11.62 billion coming from a one-time gain arising from asset sales.

In a statement, the company cited strong residential sales in its townships, particularly in Newport City, Uptown Bonifacio, McKinley Hill and Eastwood City, as well as higher leasing income from its office and retail portfolio.

Rental income from office developments and lifestyle malls rose 22% to P3.44 billion.

Total revenue, including those of subsidiaries Global Estates Resorts, Inc.; Empire East Land Holdings, Inc.; and Suntrust Properties, Inc. jumped 85% to P31.96 billion.

Reservations for the first six months inched up 9% year on year to P47 billion.

“I am confident that Megaworld can sustain its core growth momentum as we continuously expand all business segments in our townships across the country,” Megaworld Chairman and Chief Executive Officer Andrew L. Tan was quoted in the statement as saying.

The group launched a total of 16 projects in the first half of the year, with six by Megaworld, four by Empire East, five by Suntrust, and one by Global-Estate Resorts, Inc. (GERI)
On June 20, Megaworld completed its purchase of Mr. Tan’s Alliance Global Group, Inc.’s 49.20% stake in GERI, increasing to 80.4% its total stake in GERI.

Megaworld plans to complete another 112,000 square meters (sq.m.) of office space within the year, bringing to 712,000 sq.m. its total office portfolio. -- Daphne J. Magturo            

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