Property developer Megaworld Corp. said Tuesday net income attributable to parent company climbed 18 percent in the first half to P5.9 billion from P5 billion recorded in the same period last year.
Megaworld said in a disclosure to the stock exchange consolidated revenues rose 23 percent to P27.5 billion from P22.4 billion a year ago.
Megaworld chief strategy officer Kevin Tan said residential sales, mall and office rentals and hotel operations posted double-digit growth.
“For the first time since the pandemic, we have achieved double-digit growth across all business segments. This is a clear indication that we are on the right track in our goal to finally go back to the pre-pandemic levels of our core businesses,” Tan said.
First-half revenues from residential business rose 26 percent to P17 billion from P13.5 billion in the same period last year.
Megaworld said it launched P21 billion worth of new residential projects from January to June this year. Reservation sales went up 38 percent to P51 billion.
Rental revenues from office and mall developments climbed 19 percent to P7.5 billion in the first six months from P6.3 billion last year.
Office rental income reached P6 billion in the first six months, up 15 percent year-on-year. Occupancy rate stood at 91 percent as the business process outsourcing industry remained resilient amid the pandemic.
Mall rental income increased by 41 percent to P1.5 billion as more tenants were allowed to restart operations. Foot traffic also improved across mall properties on increased mobility.
Hotel revenues recovered in the first half, posting a 49-percent increase in sales to P1.1 billion.
The group operates 11 hotel properties with around 4,000 room keys in Metro Manila, Cebu, Boracay, Tagaytay, and Iloilo.
“We remain focused on our goals of expansion, with a slew of projects in our various townships that commit to our mission of nation-building. As the economy continues to recover, Megaworld maintains its positive outlook for the future as we build on the company’s consistent performance with an aim to go beyond our targets for the rest of year, ” Tan said.