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Home sales, leasing income buoy Megaworld

Posted on May 13, 2015 10:47:00 PM [ BusinessWorld Online ]

MEGAWORLD Corp., owned by Philippine billionaire Andrew L. Tan, saw its net profit jump 12.5% in the first three months of 2015 on the strength of higher residential sales and record leasing income.

Megaworld told the stock exchange it booked a net income of P2.35 billion in the first quarter, from P2.09 billion in the same period last year.

“We are on-track in achieving consistent quarterly double-digit growth and we remain optimistic to hit and even surpass our growth target for the year,” Megaworld Chief Finance Officer Francisco C. Canuto said in a statement.

Consolidated revenues of Megaworld Group -- which includes Global-Estate Resorts, Inc.; Empire East Land Holdings, Inc.; and Suntrust Properties, Inc. -- increased by 12.08% year on year to P10.47 billion from P9.34 billion.

Rental income from office developments and malls hit a record P1.99 billion in the first quarter, higher by 15.98% from P1.71 billion.

Megaworld had said rental income should reach P10 billion by 2016. -- K. A. M. Montealegre

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