Megaworld Corp. said Wednesday attributable net income surged 33 percent to P4.08 billion from P3.06 billion in the same period last year on robust performance from residential, office, mall and hotel businesses.
First-quarter consolidated revenues grew 24 percent to P16.2-billion, the company said Wednesday in a stock exchange filing.
“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,” said Megaworld chief strategy officer Kevin Tan.
Real estate sales in the first quarter rose 17 percent year-on-year to P9.4-billion, driven by the higher completion rate of its projects and renewed demand for condominium projects.
Reservation sales jumped 71 percent to P39.6 billion in the first quarter and accounted for 30 percent of the company’s year-end pre-sales target of P130 billion.