Megaworld scales up income in 3 months

Property giant Megaworld Corp. started the year on a high note with a 16-percent jump in profit to P5.83 billion in the first quarter from a year ago.

- By RICHMOND MERCURIO

Megaworld generated revenues of P20.93 billion in the first quarter, up by 11 percent year-on-year, driven by strong contributions from the company's core businesses of residential, leasing and hotel operations.

Revenues from real estate sales jumped by eight percent year-on-year to P13.09 billion as the strong sales of projects in both Metro Manila and key growth centers in the provinces continued to reflect healthy demand.

The company maintained solid construction progress across multiple developments, allowing steady recognition of revenues in the quarter.

Leasing revenues also expanded by 15 percent to P5.34 billion on the back of sustained demand from high-value tenants and the synergy between Megaworld's office and retail ecosystems.