Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

Megaworld’s attributable income up 57% on strong real estate sales

MEGAWORLD Corp. recorded a 57% increase in its attributable net income to end the third quarter with P3.2 billion from last year’s P2 billion on the back of a 102% climb in real estate sales.

In a statement on Wednesday, the company said it posted a net income growth of 46% to P3.3 billion from P2.2 billion in the same period last year, while its consolidated revenues went up by 50% to P14.5 billion from P9.6 billion.

For the first nine months of 2021, Megaworld’s attributable net income totaled P8.6 billion, 10% higher than the P8.1 billion booked in the same period last year. Consolidated revenues also rose 10% to P36.9 billion from P33.4 billion.

Megaworld’s sales from its real estate business “led the recovery,” surging by 102% to P9.6 billion in the third quarter from P4.7 billion. Reservation sales improved by 35% year on year to P17.1 billion.

The company said its improved real estate sales reflected its expanded construction activities in the third quarter. Megaworld also launched 462-hectare Paragua Coastown in Palawan, its first eco-tourism township.

Real estate sales in the first nine months also climbed 21% to P23.1 billion from last year’s P19.1 billion.

Meanwhile, Megaworld Hotels & Resorts’ profits surged 121% to P552 million in the third quarter. Megaworld said the “consistent performance” of its in-city hotels was supported by the opening of its Kingsford Hotel in the company’s Westside City township.

Revenues from its hotels and resorts business went up by 9% in the first nine months to P1.3 billion from last year’s P1.2 billion.

Megaworld Premier Offices recorded an “almost flat” rental income for the quarter at P2.9 billion, while its revenues for the nine-month period amounted to P8.1 billion.

On the other hand, Megaworld Lifestyle Malls logged a 16% year-on-year growth in rental income to P469 million in the third quarter despite providing concessions to its retail partners.

“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 yearend. As more people safely go out and enjoy the normal life, the better for business and our economy as a whole,” said Kevin Andrew L. Tan, chief strategy officer of Megaworld.

Megaworld has developed 28 integrated townships, integrated lifestyle communities, and lifestyle estates across the country.

On Wednesday, Megaworld shares declined 2.66% or nine centavos to close at P3.29 each. — Keren Concepcion G. Valmonte

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Editor's Pick

The Board of Investments (BoI) has cleared Sinoma Energy Conservation (Cebu) Waste Heat Recovery Co. Inc. to serve as the operator of a 4.5-megawatt...


In the wake of Covid-19, people are working harder than ever. While many of us thought productivity may dip when we started working from...


Few individuals can resist the temptation to try before they buy; therefore, it was only a matter of time until online casinos realized this...

Editor's Pick

REUTERS WASHINGTON – The chair of the U.S. Senate Commerce Committee on Wednesday asked a regulator to investigate whether Meta Platforms’ Facebook misled its...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Secrets Of Richdads. All Rights Reserved.