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Megaworld nets P4.6B in Q1, up 30%

Tycoon Andrew Tan’s property developer Megaworld Corp. saw a double-digit increase in its bottom line during the first quarter of 2023.

In a disclosure to the Philippine Stock Exchange on Wednesday, Megaworld reported a net income of P4.6 billion in January to March, up 30% from P3.5 billion earnings during the same period last year.

Consolidated revenues also grew to P16.2 billion, up 24% year-on-year.

The company said its first quarter financial performance already surpassed its quarterly performance during the pre-pandemic levels for the very first time.

Megaworld added that its consolidated revenues and net income were already 9% and 11% higher, respectively, compared to the first quarter of pre-pandemic 2019.

“We start the year strong as we continue sustaining the recovery momentum of our businesses and finally grow past our pre-pandemic performance for the first time since the pandemic began in 2020. This affirms our position in the industry and ability to quickly adapt in this new environment and capture opportunities,” said Kevin Tan, chief strategy officer of Megaworld.

“As we move forward, we are now focused on sustaining our strong growth and look to close the year with a record performance for Megaworld,” said Tan. —Ted Cordero/KBK, GMA Integrated News