Megaworld profit up 12.48% to PhP2.35-B in Q1

MANILA, May 13 (PNA) — Property giant Megaworld Corp. said on Wednesday its profit surged by 12.8 percent in the first quarter of 2015 on strong residential sales and leasing income from its office and retail portfolio.

Its net income on a recurring basis year-on-year reached PhP2.35 billion in January to March from PhP2.09 billion during the same period last year.

Consolidated revenues of Megaworld Group, which includes Global-Estate Resorts Inc. (GERI), Empire East Land Holdings Inc. and Suntrust Properties Inc., amounted to PhP10.47 billion for the first quarter of 2015, up 12.08 percent from PhP9.34 billion last year

“We are on-track in achieving consistent quarterly double-digit growth and we remain optimistic to hit and even surpass our growth target for the year,” said Francis Canuto, chief finance officer at Megaworld.

Residential sales from the various townships across the country remained strong and leasing income from its office and retail portfolio continued to grow even at the start of the year.

Megaworld’s rental income from office developments and malls soared to a record PhP1.99 billion in the first quarter, 15.98 percent higher than PhP1.71 billion posted in the same period last year.

Earlier this year, Megaworld announced that it expects its rental income to reach PhP10 billion by 2016 as it further expands its office and mall portfolio in various townships.

To date, Megaworld has launched 17 integrated urban township developments across the country. (PNA)