Megaworld attributable revenue up 57% thanks to strong real estate sales

MEGAWORLD Corp. recorded a 57% increase in its attributable net profit to end the third quarter with P3.2 billion to P2 billion from last year on the back of a 102% increase in real estate sales.

In a statement released on Wednesday, the company said it recorded 46% net income growth to P3.3 billion from P P2.2 billion over the same period last year, while its consolidated revenue increased increased by 50% to P14.5 billion from P. 9.6 billion pesos.

For the first nine months of 2021, Megaworld’s attributable net profit totaled 8.6 billion pesos, up 10% from the 8.1 billion pesos recorded in the same period last year. Consolidated revenue also increased 10% to P36.9 billion from P33.4 billion.

Megaworld’s sales of its real estate business “led the recovery,” rising 102% to 9.6 billion pesos in the third quarter, from 4.7 billion pesos. Sales of reservations improved 35% year-on-year to 17.1 billion pesos.

The company said the improvement in its real estate sales reflected the expansion of its construction business in the third quarter. Megaworld has also launched 462 hectares of Paragua Coastown in Palawan, its first ecotourism township.

Real estate sales in the first nine months also climbed 21% to P23.1 billion from P19.1 billion last year.

Meanwhile, Megaworld Hotels & Resorts’ profits jumped 121% to P552 million in the third quarter. Megaworld said the “consistent performance” of its city hotels was supported by the opening of its Kingsford Hotel in the Township of Westside City.

Revenues from its hotel and resort activities increased 9% in the first nine months to 1.3 billion pesos from the 1.2 billion pesos last year.

Megaworld Premier Offices reported “nearly flat” rental income for the quarter at P2.9 billion, while its revenue for the nine-month period stood at P8.1 billion.

On the other hand, Megaworld Lifestyle Malls recorded a 16% year-on-year growth in rental income to 469 million pesos in the third quarter despite concessions granted to its business partners.

“The momentum for recovery has started to pick up and we hope that the lowering of alert levels, particularly in Metro Manila, will continue through the end of the year. As more and more people go out safe and enjoy normal life, the better for business and our economy as a whole, ”said Kevin Andrew L. Tan, Chief Strategy Officer, Megaworld.

Megaworld has developed 28 Integrated Townships, Integrated Lifestyle Communities and Lifestyle Domains across the country.

Megaworld shares fell 2.66% or nine centavos on Wednesday to close at 3.29P each. – Keren Concepcion G. Valmonte

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