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Megaworld net income up 13.4% to P13.3 billion in 2017

MANILA, Philippines – Andrew Tan-led developer Megaworld Corporation saw its bottom line rise in 2017 on strong residential sales.

Megaworld reported a 2017 full-year net income of P13.3 billion, including non-recurring gains of P113 million, to the Philippine Stock Exchange (PSE) on Monday, March 26.

The figure is up 13.4% compared to the P11.7 billion, with a non-recurring gain of P82 million, recorded in 2016.

Net income attributable to parent company, meanwhile, totaled P12.8 billion for 2017, a 12.7% jump from the P11.3 billion in 2016.

Megaworld's consolidated revenues grew 7.7% to P50.4 billion in 2017, from 2016's P46.8 billion.

Residential sales comprised around 70% of revenues, totaling P34.6 billion and up 4.5%.

Rental income, both for office and commercial space, was up 18.2% to P11.8 billion in 2017 from the P10 billion in 2016.

"We are still way beyond our targets and we see this momentum to continue until we reach our P20-billion target in annual rental income by 2020, or even beyond that. There is still so much opportunities to tap in the property market and we are ready for that," said Megaworld senior vice president Francis Canuto in a statement.

Canuto also noted that the firm would allocate P60 billion in capital spending this year, with 80% covering development projects, mostly residential, office, and commercial developments in various townships across the country.

The remaining 20%, meanwhile, will be set aside for land acquisition and other investment properties.

Megaworld recently disclosed plans to spend P54 billion over a period of 10 years, more than originally planned, on its Westside City township. This township will be anchored on another Resorts World Manila casino by Travellers International Hotel Group Incorporated, also a Tan-led firm. – Rappler.com