Property giant Megaworld Corp. saw its net income surge by 39 percent to P13.5 billion in the first nine months of the year from P9.7 billion last year driven by stellar performances of its business units.
The company informed the stock exchange on Thursday that its net income attributable to the parent company's shareholders also jumped by 43 percent to P12 billion from last year's P8.4 billion.
Meanwhile, consolidated revenues during the period also increased by 14 percent to P48.6 billion buoyed by robust real estate bookings, leasing and hotel operations.
Record revenues by yearend
"We are optimistic that we will reach our record revenues by the end of the year across our businesses as we continue to capture opportunities within and beyond Metro Manila," Alliance Global Group CEO Kevin L. Tan said. Alliance Global Group is the parent firm of Megaworld.
Based on the company's latest financial report, real estate sales for the period went up 11 percent year-on-year to P29 billion due to higher project completion rates.
With this, the company is positioned to surpass its year-end reservation sales target of P130 billion.
Its reservation sales in the first nine months already grew by 28 percent to P109.5 billion, which was already 84 percent of the company's year-end goal.
Three big projects
Megaworld has already launched P69.3 billion worth of projects this year, with three big projects being rolled out in the third quarter alone.
"We still have projects to be launched before the year ends," Tan noted.
Leasing revenues from Megaworld Lifestyle Malls and Megaworld Premier Offices grew by 17 percent to P13.3 billion during the first three quarters of the year.
Megaworld Lifestyle Malls, on the other hand, increased its revenues by 70 percent to P3.9 billion during the period driven by higher rental collections, while Megaworld Premier Offices grew 3 percent to P9.4 billion.