Andrew Tan’s Megaworld posts 60% growth in 2011 income

MANILA, Philippines [UPDATED] – Megaworld Corp., the property firm of billionaire Andrew Tan, said Tuesday its earnings grew 60.37% in 2011 from the year before, owing to higher real estate sales and rental income.

In a financial report filed with the Philippine Stock Exchange, Megaworld said net income last year rose to P8.16 billion from P5.09 billion in 2010.

Revenues went up 39.35% to P28.63 billion, bulk of which came from the sale of condominium units and residential lots. Condo and lot sales rose 21.18% to P15.89 billion from P13.11 billion in 2010.

Megaworld also reported high double-digit growths in rental income and hotel revenues.

It said rental income jumped 42.02% to P3.83 billion, while its hotel operations turned in P392.17 million, a year-on-year increase of 68.49%.

Megaworld’s projects last year included the following:

• Eight Forbestown in Fort Bonifacio, Taguig;
• Eastwood Le Grand in Eastwood City;
• Mckinley West, Morgan Suits and The Venice Luxury Residences in Mckinley, Taguig;
• Manhattan Heights in Quezon City; and
• Newport Palmtree Villas, 81 Newport Boulevard and Newport City in Pasay.