Megaworld Corp. said Monday net income increased 30 percent in the first quarter to P3.1 billion from P2.4 billion a year ago, on the back of double-digit growth in sales.
Megaworld said in a disclosure to the stock exchange consolidated revenues reached P13.1 billion in the three-month period, up 29 percent from P10.2 billion recorded in the previous year on strong performance of various real estate segments.
“This is definitely a strong start for us, and affirms that our improved performance can be sustained. While there was some concern last January due to the Omicron variant, consumer confidence remained on the uptrend and our quick recovery showed that we are now in a better position to manage the pandemic and move forward,” Megaworld chief strategy officer Kevin Tan said.
Real estate sales went up 36 percent in the first quarter to P8.1 billion, while reservation sales also increased 12 percent to P23.2 billion from P20.7 billion.
Office business posted rental income of P3 billion in the first three months, up by 16 percent from P2.6 billion it netted in the same period last year.
Average occupancy rate of the company’s office buildings stood at 91 percent.
Revenues from shopping malls rebounded in the first quarter as sales rose 40 percent to P717 million on the back of improving foot traffic and the increase in retail locators that restarted operations.
Revenues from hotels and resorts registered a 50-percent increase in revenues to P502.9 million following the easing of mobility restrictions and increased domestic travel.
Megaworld operates 11 hotels across the country.
“We are now focused on returning to our pre-pandemic performance and to grow beyond that. In fact, we are now looking at opportunities to further expand our geographical footprint in the country this year with the launch of several new townships,” Tan said.
Megaworld has 28 master-planned integrated urban townships, integrated lifestyle communities and lifestyle estates across the country.