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