Property developer Megaworld Corp. on Wednesday reported a single-digit bottom line growth during the first nine months of 2021, reflecting business recovery amid the reopening of the country’s economy.
In a disclosure to the Philippine Stock Exchange, the Andrew Tan-led firm reported a net income of P8.6 billion during the January to September period, up 6% from P8.1 billion in the same period last year.
In the third quarter alone, Megaworld’s net income grew 46% to P3.3 billion from P2.2 billion.
Also, for the first nine months, Megaworld’s consolidated revenues rose 10% to P36.9 billion from last year’s P33.4 billion.
Consolidated revenues in the third quarter soared 50% to P14.5 billion from P9.6 billion in the third quarter of 2020.
“The recovery momentum has started to pick up and we hope that the lowering of the alert levels especially in Metro Manila will continue until the year-end. As more people safely go out and enjoy normal life, the better for business and our economy as a whole,” said Kevin Tan, chief strategy officer of Megaworld.
Real estate sales soared 102% to P9.6 billion in the third quarter compared to P4.7 billion in the same period last year, reflecting an expansion in construction activities.
Reservation sales for the quarter came in at P17.1 billion, reflecting a 35% increase year-on-year.
Real estate sales from January to September also jumped 21% year-on-year to P23.1 billion from P19.1 billion.
To date, Megaworld said it has 28 masterplanned integrated urban townships across the country. — VBL, GMA News
Megaworld 9-month net income up 6% to P8.6 billion
Source: News Panda Philippines
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