Megaworld profit surge by 289% to Php 16.4B in 1H 2014

MANILA, Aug 11 (PNA) — Publicly-listed property firm, Megaworld, has surged its profit in first half of 2014 by 289 percent to Php 16.4 billion from last year’s same period of Php 4.23 billion, the company reported in a disclosure to the Philippine Stocks Exchange (PSE) Monday.

The strong net income during the first six months of the year was backed by robust revenue of the company as well as its subsidiaries.

Megaworld’s total revenue including its subsidiaries such as Global Estate Resorts Inc. (GERI), Empire East Land Holdings, and Suntrust Properties reached Php 31.96 billion in 1H 2014. This was 85 percent higher than last year’s same period of Php 17.28 billion worth of sales.

The company said the strong performance in January to June period of this year was also pushed by robust residential sales in its townships particularly in Newport City, Uptown Bonifacio, McKinley Hill, and Eastwood City.

Megaworld, likewise, increased its rental income from office developments and lifestyle malls in 1H 2014 by 22 percent to Php 3.44 billion from 1H 2013’s Php 2.83 billion.

“I am confident that Megaworld can sustain its core growth momentum as we continuously expand all business segments in our townships across the country,” Megaworld Chairman and CEO Andrew L. Tan said.

Within the first semester of the year, Megaworld hiked its stake in GERI to 80.4 percent after acquiring 49.2 percent share in Alliance Global Group Inc.

Apart from the acquisition, the Megaworld conglomerates also launched 16 residential projects in 1H.

Under Megaworld, six projects were launched during within the first six months of this year including Salcedo Skysuites in Makati City; The Venice Luxury Residences Florence Tower, Florence Tower 2, and Viceroy East Tower in McKinley Hill, Taguig City; Lafayette Park Square in Iloilo; and Mactan Belmont Luxury Hotel in Mactan, Cebu.

Four projects were also launched under Empire East including Mango Tree Residences East and West Towers in San Juan; Kasara Urban Residences Tower 5 in Pasig; and Pioneer Woodlands Park 2 in Mandaluyong.

Five projects were launched under Suntrust that include Suntrust Ascentia and Suntrust Solana in Manila; Suntrust Amadea in Quezon City; 88 Gibraltar in Baguio City; and Siena Hills in Lipa, Batangas.

There was also one project launched under GERI which is the Pahara Residential Village in Southwoods City. (PNA)