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Megaworld Q1 income rises to 12.48%

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Megaworld Q1 income rises to 12.48%
The property developer grows its net income to P2.35B on the back of strong residential sales across its townships in the country

MANILA, Philippines – Megaworld reported Wednesday, May 13, that it posted a net income of P2.35 billion ($52.58 million) for the first quarter of 2015.

The figure is 12.48% increase on a recurring basis year-on-year from P2.09‐billion ($46.77 million) on the same period last year.

Residential sales from the various townships across the country remained strong, and leasing income from its office and retail portfolio continued to grow even at the start of the year, Megaworld said.

“We’re 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 Office Francis Canuto said.

Consolidated revenues of the Megaworld Group, which includes Global-Estate Resorts, Incorporated (GERI), Empire East Land Holdings, Incorporated, and Suntrust Properties, Incorporated, amounted to P10.47 billion ($234.33 million) for the first quarter of 2015, up 12.08% on a recurring basis from P9.34-billion ($209.04 million) in the same period in 2014.

Megaworld’s rental income from office developments and malls reached P1.99 billion ($44.53 million) in the first quarter, 15.98% higher than P1.71 billion ($38.27 million) posted in the same period last year.

Earlier this year, Megaworld announced that it expects its rental income to reach P10 billion ($223.78 million) by 2016 as it further expands its office and mall portfolio in various townships.

Megaworld popularized the mixed‐use communities in the Philippines called “townships.”

To date, Megaworld has launched 17 integrated urban township developments across the country. –

$1 = P44.69

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