Megaworld Q2 profit up 35% on strong core segments

LISTED real estate developer Megaworld Corp. saw a 35% increase in its attributable net income for the second quarter (Q2) to P5.6 billion from P4.15 billion last year, on growth across its residential, leasing, and hospitality businesses.

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April-to-June revenue climbed by 10% to P22.16 billion from P20.22 billion a year ago, Megaworld said in a regulatory filing on Tuesday.

For the first half, Megaworld grew its attributable net profit by 25% to P10.7 billion from P8.55 billion in the same period last year.

Revenue for the first six months increased by 10% to P43.09 billion from P39.1 billion the prior year.

“What excites us most is the broad-based strength we are seeing — offices, malls, residential, and hotels are all growing. That gives us confidence as we scale further,” Megaworld President and Chief Executive Officer Lourdes T. Gutierrez-Alfonso said.

“We're pushing forward with more townships, smarter spaces, and deeper integration across our developments, but at the same time, making sure that we build responsibly and sustainably,” she added.