Megaworld Corp. on Wednesday reported net income of P4.6 billion in the first quarter of the year, 30 percent higher than last year’s P3.5 billion as all core businesses registered strong revenue growth.
The company said this is the first time it exceeded its quarterly income since the pandemic, marking its full recovery.
Revenues rose 19 percent to P14.59 billion from last year’s P12.25 billion.
“We start the year strong as we continue sustaining the recovery momentum of our businesses and finally grow past our pre-pandemic performance for the first time since the pandemic began in 2020. This affirms our position in the industry and ability to quickly adapt in this new environment and capture opportunities,” Kevin Andrew L. Tan, executive vice president and chief strategy officer, said.
Real estate sales for the quarter grew 17 percent to P9.4 billion, driven by higher completion rate of its projects.
Residential pre-sales surged by 71 percent to P39.6 billion and accounted for 30 percent of its year-end reservation sales target of P130 billion. It reported renewed demand in Metro Manila during the quarter, especially in its projects in McKinley West and Uptown Bonifacio in Taguig.
Leasing revenues grew by 18 percent to P4.4 billion, the growth led by the performance of its shopping mall segment.
Megaworld’s office business posted P3.1 billion in rental income, a slim 5 percent increase from the P3 billion last year.
Megaworld’s shopping malls saw revenues jump 73 percent to P1.2 billion, driven by increased spending and higher rent as the company started to collect full rents at the start of the year.
Megaworld’s hotels and resorts saw revenues soaring 62 percent to P813 million, from last year’s P503 million, driven by the continued growth of in-city hotels, meetings and convention activities, as well as the strong growth in food and beverage revenues.
