Megaworld posts P11.6B net income in 2016, up 12%

Property developer Megaworld Corp. on Wednesday said net income rose by 12 percent to P11.63 billion in 2016 from P10.39 billion a year earlier.

In a disclosure to the Philippine Stock Exchange, the company said stronger rental revenues, which rose by 15 percent at an all-time high of P10.01 billion from P8.73 billion, helped sustain double-digit growth.

“Megaworld achieved another milestone last year as we breached the P10-B mark for our rental revenues. We have achieved our targets across the board as we have steadily grown and expanded our core businesses," Megaworld Treasurer Francis Canuto said.

"Township development remains to be a key strength of our company, and we have focused on strengthening the various components of our townships on top of our residential businesses, such as offices, malls and commercial developments as well as hotels," Canuto added.

Consolidated revenues stood at P46.74 billion, up 4 percent from P44.81 billion.

Cost and expenses expanded by 2 percent at P35.1 billion from P34.4 billion on the back of successful cost management programs. — Ted Cordero/VDS, GMA News