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Bacolod City, Philippines Thursday, November 14, 2019
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Megaworld notes P13.7B net income

 

MANILA – Megaworld said it registered a net income of P13.7-billion during the first nine months of the year, up 17 percent compared to P11.7-billion during the same period last year, its press release said yesterday.

Excluding non-recurring gain of P189-million, net income grew by 16 percent to a new record high of P13.5-billion. Net income attributable to parent company stood at P12.8-billion over the same period, and grew 14 percent from P11.3-billion the year before.

Consolidated revenues during the nine-month period of 2019 rose at a robust pace of 17 percent to P48.1-billion from P41.3-billion, due to the strong performance of its core businesses, the press release said.

The company’s real estate sales grew 11 percent for the period this year, ending at P30.7-billion from P27.6 billion during the same period in 2018.

As of end-September, Megaworld launched a total of P58.7-billion in new residential inventory while reservation sales reached P114-billion, the press release said.

“Megaworld’s consistent growth across all business segments is a clear indicator of where the company is going, and we are very optimistic to finish the year strong,” Kevin Tan, chief strategy officer of Megaworld said.

The company is also set to build four new full-scale malls, including the Upper East Mall in The Upper East in Bacolod City.

“Our rental business remains to be a key driver to our consistent growth, and we see this to become stronger in the coming years as we roll out more office and retail spaces in our townships across the country,” Tan said.

Hotel revenues soared 82 percent to P1.9-billion compared to last year’s P1.0-billion due to the increase in its hotel room capacity through the homegrown brands of Megaworld Hotels, the press release added.*

 

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