Provincial push boosts Megaworld

Tycoon Andrew Tan’s township developer Megaworld Corp. reported a 16-percent growth in net income to P5.83 billion in the first quarter of the year, as its growing focus on the provinces helped the performance of all of its core businesses.

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In a disclosure to the Philippine Stock Exchange (PSE), the firm said its consolidated revenues expanded by 11 percent to P20.93 billion, driven by solid contributions from all of the company’s core businesses: residential, leasing, and hotel operations.

"This strong start to the year is a reflection of our clear strategy and the strength of our diversified portfolio," said Megaworld President Lourdes Gutierrez-Alfonso.

She added that, “All of our core businesses—residential, office, malls, and hotels—grew during the first quarter. More than half of our township developments are in the provinces, and the opportunity for expansion and growth is there.”