Condominium and office builder Megaworld Corp. said Wednesday net income bounced back in the third quarter after two consecutive quarters of decline as rental business gradually recovered from the impact of the pandemic.
Megaworld said in a disclosure to the stock exchange third-quarter net income improved 7 percent to P2.2 billion compared to the second quarter of the year while revenues rose 9 percent to P9.5 billion from P8.7 billion in the second quarter.
Megaworld said the recovery in the third quarter was boosted by the positive performance of office and shopping mall businesses.
Office rental business posted revenues of P6 billion in the third quarter, up 6 percent from P2.8 billion in the previous quarter.
Mall business more than doubled its revenues in the third quarter from to the previous quarter as the relaxed lockdown protocols allowed people to start shopping and dining in malls.
Mall revenues surged 117 percent to P400 million in the third quarter from the second quarter even as the company continued to offer rental discounts to retail and merchant partners.
“We are seeing a lot of optimism now as we have begun the recovery of our mall business, and our office leasing business continues its growth,” Megaworld chief strategy officer Kevin Tan said.
“The government’s recovery efforts especially in reopening the economy coupled with our recovery strategies have greatly helped our core businesses bounce back, and we continue to be optimistic of this uptrend as we strive to provide the right balance between safety, convenience, and an enjoyable experience in our townships all over the country,” said Tan.
Net income in the first nine months reached P8.1 billion as consolidated revenues amounted to P33.3 billion.