Benefiting from the resurgence in demand for residential properties, Megaworld saw its third quarter net income surge 57% to P3.2 billion due to the easing of coronavirus restrictions.
This brings the company’s first nine months profit to P8.2 billion or an increase of 10 percent from the same period last year.
Consolidated revenues climbed by 50% to P14.5 billion in the third quarter, bringing Megaworld’s total revenues to P36.9 billion in the nine months to September.
“The recovery momentum has started to pick up and we hope that the lowering of the alert levels especially in Metro Manila will continue until the year-end. As more people safely go out and enjoy the normal life, the better for business and our economy as a whole,” said Kevin L. Tan, chief strategy officer of Megaworld.
Real estate sales led the recovery, more than doubling to P9.6 billion during the quarter amid the expansion in construction activities. The nine-month figure reached P23.1 billion, up 21 percent year on year.
Reservation sales grew 35 percent to P17.1 billion during the third quarter.
The hotels & resorts segment staged a strong recovery during the quarter as revenues grew 121 percent to P552 million with the opening of Kingsford Hotel in the company’s Westside City township along Manila Bay
Megaworld Premier Offices, meanwhile, saw flat rental earnings in the third quarter at P2.9 billion.
Its Lifestyle Malls, on the other hand, reported a 16 percent jump in rental income to P469 million.
SOURCE: Bilyonaryo
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