Megaworld nine-month net income up 14%

Listed property developer Megaworld Corp. reported a 14% growth in its net income for the first nine months of the year, on the back of the performance of its office leasing, residential, and hotel businesses during the period.

In a regulatory filing, Megaworld said its net income climbed to almost P18 billion, as consolidated revenues increased 8% to P64.41 billion.

Leasing revenues rose by 15% to P16.24 billion, led by its premier offices unit which recorded a 16% annual growth in its revenues to P11.14 billion. Growth was fueled by rental escalations, renewals, and new take-ups from expanding business process outsourcing firms and multinational companies.

The lifestyle malls unit saw a 13% growth in mall leasing revenues to P5.10 billion, with higher foot traffic and consumer spending. Megaworld opened and expanded its stores in Uptown Bonifacio, ArcoVia City, Eastwood City, and in Lucky Chinatown during the period.

Hotel operations posted a 13% increase in its revenues to P4.13 billion, following higher room rates, increased business and leisure travel, and additional room inventory.

Real estate sales also increased by 6% to P40.24 billion, as sales take-up was stable, and construction across multiple residential developments continued.

“Our year-to-date performance continues to reflect the strength of our recurring income portfolio and the sustained demand across our residential and hotel offerings,” Megaworld president Lourdes Gutierrez-Alfonso said.

“Even as we navigate mixed market conditions, we remain focused on delivering long-term value through innovation, operational efficiency, and township-led growth,” she added.

Megaworld last month said it will reinvest some P3.4 billion from the block sale of shares in its real estate investment trust (REIT) in July to expand the offerings of its townships in Bacolod, Cebu, and Palawan.—AOL, GMA Integrated News