Record rental income lifts Megaworld’s 9-month profit to Php8.35-B

By Leslie D. Venzon

MANILA, Nov. 12 (PNA) — Property developer Megaworld Corp. posted a Php8.35-billion profit for first three quarters of the year, up 12.52 percent from last year, driven by aggressive expansion of its integrated urban townships across the country.

In a disclosure to the Philippine Stock Exchange, Megaworld said consolidated revenues also grew 10.85 percent to Php33.53 billion.

Its rental income, the fastest growing business segment, jumped to a record growth of 24 percent to Php6.44 billion from Php5.20 billion.

“While we have been successful in our aggressive expansion of our townships across the country, it is time to further build on our recurring income portfolio. We are currently building more office towers and more malls and commercial spaces in all of our townships. We are certain in reaching our rental income target of Php9 billion this year,“ said Francis Canuto, chief finance officer at Megaworld.

Integrated urban townships, the company’s pioneering real estate concept in the country, synergize residential, office, commercial and institutional components of a community.

“Our 20 townships become a testament of our company’s continuing commitment to help build the country. We will continue to build communities that make living, working and playing more convenient and exciting to Filipinos,” added Canuto.

Megaworld’s residential sales also continued its growth trajectory during the first nine months of the year.

Real estate sales grew 11.50 percent year-on-year from Php18.38 billion to Php20.49 billion. (PNA)