Office and condominium developer Megaworld Corp. said Wednesday it booked a net income of P3.2 billion in the third quarter, up 57 percent from P2 billion in the same period last year as residential and retail businesses recovered from the impact of the pandemic.
Megaworld said in a disclosure to the stock exchange third-quarter revenues climbed 50 percent to P14.5 billion from last year’s P9.6 billion.
“The recovery momentum has started to pick up and we hope that the lowering of the alert levels especially in Metro Manila will continue until the year-end. As more people safely go out and enjoy the normal life, the better for business and our economy as a whole,” Megaworld chief strategy officer Kevin Tan said.
The company said nine-month net income expanded 10 percent to P8.2 billion from P7.4 billion a year earlier as consolidated revenues improved 10 percent to P36.9 billion from P33.4 billion.
Real estate sales led the recovery, increasing 102 percent to P9.6 billion in the third quarter from P4.7 billion in the same period last year, reflecting the expansion in construction activities.