Megaworld Q1 net profit up 30% at P784M

First quarter net profit at property developer Megaworld Corp. rose 30 percent to P784 million on the back of higher real estate sales. The company’s revenues for the period reached P2.9 billion, up 43 percent from a year ago. In a statement to the Philippine Stock Exchange, Megaworld said its real estate sales in the first three months of the year jumped 54 percent to P1.85 billion form P1.2 billion in the same period last year. “Real estate sales growth was driven primarily by the Company’s major live-work-play communities such as Eastwood City in Quezon City, McKinley Hill and Forbes Town Center in Fort Bonifacio and Newport City at the Villamor Air Base in Pasay City," the company said in the statement Rental income for the quarter, meanwhile, rose 25 percent on-year to P209 million, boosted by the continuing strength of the business process outsourcing industry in the country. The company said that because of its positive performance in the first quarter, it is on track to meeting its P2.9-billion net income target for the full-year. Megaworld has developments catering to both the BPO office market and the mid-income residential markets. To support its projects, the firm said it would be expanding its land bank “through outright purchases as well as joint venture agreements." - GMANews.TV