Property developer Megaworld reported a strong bounceback in its second quarter earnings, surging 39 percent to P2.6 billion on robust office leasing business and the recovery of its retail and hospitality segments.
Core revenues climbed 20 percent to P11.2 billion, driven by the improved performance across all businesses.
Rental income rose 4% to P3.2 billion, P537 million of which came from Megaworld Lifestyle Malls which marked a five percent increase from last year due to the easing of quarantine restrictions during the period.
Revenues from Megaworld Premier Offices went up four percent to P2.7 billion while the hotels and resorts business had a solid performance, contributing P389 million in revenues or 16 percent more than last year.
Real estate sales jumped 29% to P7.6 billion as construction activities improved.
Megaworld chief strategy officer Kevin L. Tan attributed the strong second quarter results to the measures implemented by the company to drive revenue and generate new opportunities amid the pandemic.
“We attribute the steady recovery of our businesses to our ability to identify opportunities amidst the pandemic, as we continue to focus our efforts to create products and services that meet the evolving needs of our customers and to our ability to identify opportunities amidst the pandemic, as we continue to focus our efforts to create products and services that meet the evolving needs of our customers,” Tan said.
In the six months to June, however, Megaworld’s net earnings declined by seven percent to P5 billion year on P22.2 billion in revenues.
SOURCE: Bilyonaryo
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