PH1 World Developers Inc., the property arm of Megawide Construction Corp., returned to profitability in the first quarter of the year as strong housing demand and rising sales across its residential developments lifted earnings sharply.

The company reported on Friday a net income of P287 million, reversing losses recorded a year earlier, after gross sales nearly doubled to P1.53 billion from P777 million in the same period last year.

Leading the company’s revenue growth was My Enso Lofts in Quezon City, which generated more than P1 billion in sales. 

Southscapes in Trece Martires, Cavite, and Northscapes in San Jose del Monte, Bulacan, also helped drive the company’s stronger bottom line.

“Our strategy of aggressively targeting the end-user market through our differentiated product offerings in key areas outside key business districts is delivering the results,” PH1 World Developers, Inc. President Gigi Alcantara said. 

“We are confident that this direction will anchor our long-term sustainable growth, together with our participation in the government’s expanded 4PH program,” Alcantara added.

This year, PH1 World is set to complete One Lancaster Park Towers 1 and 2 in the first half, followed by the turnover of Tower 1 of its first Expanded 4PH project under Avesta Residences in Imus by September.