Megaworld Corp., the property unit of billionaire Andrew Tan, reported Wednesday net income attributable to parent company reached P9.98 billion in the first nine months of the year, up 11 percent from P8.98 billion year-on-year, boosted by strong residential and rental businesses.
Megaworld said in disclosure to the stock exchange reported net income also climbed 12 percent to P10.34 billion in the first nine months of the year from P9.27 billion on yeat.
Nine-month consolidated revenues rose five percent to P37.1 billion during the first nine months from the previous year’s P35.26-billion, as sales from investment properties soared 19 percent year-on-year.
Rental income totaled P8.82 billion compared with P7.41 billion a year ago, while residential revenues remained steady. Hotel revenues were up eight percent year-on-year.
“There is a brighter side for our residential business as we have started the bulk of our unit turnovers in Makati and Fort Bonifacio this year. Our rental business remains to be a key contributor to our consistent growth, and we see this to become stronger in the coming years as we complete more office and commercial buildings as well as malls in our townships across the country,” Megaworld senior vice president and treasurer Francis Canuto said.“There is also a remarkable growth in our hotel business as we open more hotels in Metro Manila, Boracay, Iloilo, Cebu and Tagaytay,” Canuto added.
Megaworld earlier projected a rental income of P12 billion this year, with P7.2 billion coming from office projects.
Megaworld expects to hit 1 million square meters of office inventory by the end of 2017, making it the biggest office developer in the Philippines.
It also projected reservation sales to hit P90 billion this year, slightly higher than the target of P87 billion it earlier projected.
Megaworld has planned to launch P30 billion worth of projects across existing township developments this year.