Megaworld Posts Record-High Income

Property giant Megaworld Corp. saw its earnings in the second quarter and first half surge to record-high levels, driven by growth across its core businesses of residential, leasing and hospitality.

- By RICHMOND MERCURIO

Megaworld said its net income for the first half climbed by 23 percent year-on-year to P12.09 billion, while second-quarter earnings rose by 31 percent to P6.26 billion.

Revenues for the first half expanded by 10 percent to P43.09 billion.

"Our strong first half and second-quarter results reaffirm the strength and adaptability of our township strategy. We are always focused on ensuring that our core segments will continue to deliver exceptional performance even in challenging environments," Megaworld president and CEO Lourdes Gutierrez-Alfonso said.

Contribution of new assets and leases as well as sustained rent escalations boosted office leasing revenues by 17 percent to P7.4 billion in the first half.