Property developer Megaworld Corp. on Wednesday reported income growing 11 percent in the first half this year to P9.81 billion from last year’s P8.83 billion on strong real estate sales.
Revenue grew 23 percent to P36.51 billion from P29.58 billion.
Real estate sales reached P24.82 billion, a 30 percent increase from last year driven by strong bookings and high demand for residential properties in various township developments, particularly in Taguig City, Cavite, Bulacan, Palawan and Cebu.
In the second quarter alone income rose 12 percent to P4.79 billion from P4.27 billion. Revenue rose 24 percent to P18.62 billion from P14.98 billion.
Revenue from its hotels and resorts business rose 38 percent to P2.36 billion, driven by the resurgence of meetings, incentives, conventions, exhibitions (MICE) activities and local tourism.
Leasing revenue rose 6 percent, reaching P9.33-billion. Shopping mall revenue increased by 19 percent to P3.02 billion, driven by higher tenant sales and increased foot traffic.
Occupancy rates remained high at 93 percent.
Revenue from its offices was flat at P6.31 billion. New leases total 55,000-square meters, mostly in McKinley Hill, Eastwood City and Mactan Newtown. Occupancy rate across its office development business averaged 87 percent, higher than the industry average.