Megaworld posts strong 9-month profit of P18 B

Property giant Megaworld Corp. saw its earnings accelerate by double digits in the nine-month period ending September on the back of the robust performance of the company’s mall and office leasing as well as residential and hotel businesses.

- By RICHMOND MERCURIO

Megaworld’s net income from January to September rose by 14 percent year-on-year to almost P18 billion, while revenues increased by eight percent to P64.41 billion.

“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 said.

Leasing revenues for the three quarters reached P16.24 billion, 15 percent higher than a year ago.