By James A. Loyola
Megaworld Corporation, the country’s largest developer of townships, saw its net income grow by 18 percent to P4.1 billion in the first quarter of 2019 from P3.5 billion during the same period last year.
Excluding a non-recurring gain of P189 million in the first three months of 2019, earnings rose 13 percent compared to the same figure last year, the firm said in a disclosure to the Philippine Stock Exchange.
The company said its double-digit growth in earnings was backed by strong outputs from each of its core businesses: residential sales, leasing from offices and Lifestyle Malls, as well as hotel operations.
Megaworld’s consolidated revenues were up 15 percent to P14.9 billion during the first quarter of the year compared to P13 billion during the same period last year.
Around 64 percent of total revenues came from the company’s residential business, while 26 percent came from rentals, and 4 percent from hotel operations. The rest came from the company’s non-core revenues.
“It is always encouraging to see all of our core businesses exhibiting positive growth during the first quarter as this sets our pace for the rest of the year,” says Megaworld Chief Strategy Officer Kevin L. Tan.
He added that, “we will be working towards maintaining the growth momentum until year-end. We are confident that stronger numbers will be achievable given our pipeline of projects this year.”
Residential sales grew 11 percent to P9.5 billion during the first quarter from P8.5 billion during the same period last year.
From January to March, the company has already generated around P48 billion in reservation sales and has injected about P24 billion worth of new inventory into the market.
Megaworld’s rental businesses, likewise, soared 16 percent to P3.9 billion during the first quarter of the year compared to P3.4 billion in the same period in 2018.