Property developer Megaworld Corp. said net income grew 13 percent in the first semester to P7.25 billion from P6.44 billion in the same period last year on the strong performance of residential and leasing businesses.
Megaworld said in a disclosure to the stock exchange consolidated revenues, including those of subsidiary brands Global-Estate Resorts Inc., Empire East Land Holdings Inc. and Suntrust Properties Inc., reached P26.77 billion in the first six months, up 10.3 percent from P24.27 billion a year ago.
It said the bulk of revenues came from the sale of condominium units and residential and commercial lots, comprising 54.78 percent of total revenues.
“Megaworld’s consistent growth across all business segments is a clear indicator of where the company is going, and we are continuously focusing on putting better value to our customers through our programs on innovation and design, digital technology, smart mobility and connectivity as well as environmental sustainability,” Megaworld senior vice president and treasurer Francis Canuto said.
Real estate sales climbed 7.6 percent in the six-month period to P14.67 from P13.62 billion a year earlier.
Megaworld said it recorded as of end-May P73 billion in reservation sales from residential developments in its numerous townships and integrated lifestyle communities.
The group’s rental business, which includes offices, malls, and commercial centers, remained the fastest growing business in the first half, increasing 16.55 percent year-on-year to P6.79 billion.
Hotel operations contributed P715.16 million in the first half of 2018 with an increase of 10.37 percent from the same period last year.
Megaworld recently opened Savoy Hotel Manila in Newport City, adding 684 hotel rooms in its total inventory of 1,744 rooms as of end-2017.
The company is set to open two new hotels this year, including the 126-room Twin Lakes Hotel in Tagaytay and the 94-room Lucky Chinatown Hotel in Binondo, Manila, bringing its total hotel inventory to 2,648 rooms by year-end.
“We are ready to supply more rooms to support the government’s goal of 10 million tourist arrivals by 2020. We are in key tourism areas like Cebu, Boracay, and Tagaytay,” Canuto said.