Megaworld’s income hit P2.6 billion in Q2

Megaworld Corp. said Wednesday attributable net income increased by 39 percent in the second quarter to P2.6 billion from P1.9 billion in the same period last year, as the company benefited from strong office leasing business and the improved performance of retail and hospitality businesses.

Quarterly core revenues grew 20 percent from the preceding quarter to P11.2-billion, highlighted by the recovery of all its business segments in the second quarter.

The company’s rental income rose 4 percent to P3.2 billion in the second quarter, with Megaworld Lifestyle Malls growing its rental income by 5 percent to P537-million, sustaining its recovery trend since the third quarter of 2020.

The company’s lifestyle mall business rolled out initiatives to encourage foot traffic and expand online sales channels as the lockdowns were eased. It also continued its support to its retail partners in recovering from the impact of the pandemic by waiving rental fees since last year.

Megaworld Premier Offices registered a 4-percent increase in rental income in the quarter to P2.7-billion. The company saw bright prospects ahead on the back of the steady growth outlook for the BPO sector, which makes up the bulk of Megaworld’s office locators.

Megaworld Hotels & Resorts posted 16-percent growth in hotel revenues to P389 million in the quarter, on the back of the stable performance of the company’s in-city hotels and the opening of Kingsford Hotel in Westside City in March.

Real estate sales in the second quarter also grew 29 percent to P7.6 billion, as construction activities improved during the period.

“We attribute the steady recovery of our businesses to our ability to identify opportunities amidst the pandemic, as we continue to focus our efforts to create products and services that meet the evolving needs of our customers. While everything remains uncertain as far as the impact of the Delta variant will affect business in the coming months, we remain hopeful that the increasing number of vaccinated Filipinos will help sustain consumer confidence henceforth,” said Megaworld chief strategy officer Kevin Tan.

Topics: Megaworld , net income , 2021 , second quarter
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