Listed property developer Megaworld Corp. said Thursday first half net income rose 34 percent year-on-year to P7.9 billion on strong gains in real estate sales, property leasing, and hotel operations.
Revenue in the first half increased to P32.04 billion this year from P27.45 billion last year, with 60 percent accounted for by real estate sales.
“Our steadfast focus on our township model allowed us to sustain our strong performance into the second quarter of the year,” said Kevin Tan, Megaworld chief strategy officer .
“With increasing demand for residential and commercial properties outside Metro Manila, we have properly positioned ourselves to achieve growth through strategic land banking. We also worked doubly hard in coming up with new, innovative, and sustainable product offerings in order to further strengthen our leadership as a pioneering real estate company,” he added.
Real estate sales for the period grew by 12% year-on-year to P19.1-billion, driven by the higher completion rate of various projects. Reservation sales increased by 49 percent to P76.1billion, which is already more than half of the P130 billion target for the year.
From January to June this year, Megaworld already launched P28.2-billion worth of projects.
Leasing revenues, on the other hand, grew 17 percent to P8.8-billion on the back of the company’s stable office segment and the continued recovery of mall rental income.
Revenue from hotel operations total P1.71 billion, up 58 percent.
