Property developer Megaworld Corp. said Thursday its nine-month net profit jumped 43 percent to P12 billion on the back of robust double-digit growth in all its business segments.
The listed property developer of tycoon Andrew Tan also reported January-September revenue of P48.6 billion, up 14 percent on the back of robust real estate bookings, leasing, and hotel operations.
“We are optimistic that we will reach our record revenues by the end of the year across our businesses as we continue to capture opportunities within and beyond Metro Manila,” said Kevin Tan, chief executive officer, Alliance Global Group, the parent company of Megaworld.
Real estate sales increased by 11 percent to P29.0-billion attributed to higher project completion rates. Megaworld said it will likely exceed its year-end reservation sales target of P130.0-billion, with reservation sales in the first nine months already up 28 percent to P109.5-billion.
Megaworld has launched P69.3 billion worth of projects this year, with three big projects rolled out in the third quarter worth P38 billion of inventory. “We still have projects to be launched before the year ends,” added Tan.
Leasing revenue from Megaworld Lifestyle Malls and Megaworld Premier Offices was up 17 percent to P13.3-billion while Megaworld Hotels & Resorts increased revenue by 51 percent to P2.6 million due to increased number of conferences and local tourism growth.
