Megaworld Income Up 46% To P3.3B

Megaworld, the country’s largest developer of integrated urban townships, grew its net income by 46% to P3.3-billion in the third quarter this year from P2.2-billion during the same period last year as the company begins its recovery phase with eased restrictions and gradual re-opening of the country’s economy.

Photo Insert: Megaworld's Northwin Global City is shared by two progressive towns of Marilao and Bocaue and is fast rising to become the global business district of Bulacan.

Net income attributable to the parent company’s shareholders was up 57% to P3.2-billion during the quarter from last year’s P2.0-billion.

For the full nine months of the year, the company’s net income also grew 6% to P8.6-billion from last year’s P8.1-billion, while net income attributable to the parent company’s shareholders increased by 10% to P8.2-billion from January to September compared to last year’s P7.4-billion.

Consolidated revenues during the quarter rose by 50% to P14.5-billion from last year’s P9.6- billion. For the first nine months, consolidated revenues, likewise, increased by 10% to P36.9- billion from last year’s P33.4-billion.

“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,” says Kevin L. Tan, chief strategy officer, Megaworld.

The company’s real estate sales led the recovery, soaring 102% to P9.6-billion during the third quarter compared to P4.7-billion during the same period last year, reflecting the expansion in construction activities.

Reservation sales for the quarter came in at P17.1-billion, reflecting a 35% increase year-on-year. Real estate sales from January to September were also up by 21% to P23.1- billion from last year’s P19.1-billion.

During the quarter, Megaworld launched its first eco-tourism township, the expansive 462-hectare Paragua Coastown in San Vicente, Palawan.

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