Megaworld registers P8.4-B profit on improved sales

ANDREW L. TAN’S Megaworld Corp. posted P8.4 billion in nine-month attributable net income, up by 3% from last year, as sales beat pre-pandemic levels.

Kevin L. Tan, the company’s chief strategy officer, said in a press release on Wednesday that while Megaworld’s bottom line “was tempered by the strong dollar, our underlying operations and profitability remained robust.”

January-September consolidated revenues reached P42.5 billion, 15.2% higher than P36.9 billion in the previous year.

“Our strong topline performance during the year affirms our drive to not only reach our pre-pandemic levels, but to exceed it,” Mr. Tan added.

Megaworld has yet to disclose specific figures for the third quarter.

According to the press release, real estate sales led Megaworld’s recovery as these increased by 13.4% to P26.2 billion for the nine-month period from P23.1 billion a year ago.

Megaworld Premier Offices’ rental income rose by 12.3% to P9.1 billion from P8.1 billion last year.

Revenues from Megaworld Lifestyle Malls grew by 51% to P2.3 billion, driven by increased spending, higher foot traffic, and recovery of occupancy rate.

The company said it reached its highest historical occupancy rate of 90% in the third quarter.

Megaworld Hotels and Resorts had a P1.8-billion revenue from January to September, up by 38.5% from P1.3 billion last year, on sustained in-city hotels’ performance and pickup of leisure activities.

“Our core belief to put our clients in the forefront of our decisions proved beneficial as we continue to move closer and closer to pre-pandemic levels,” Mr. Tan said.

“We look forward to sustaining our momentum and closing the year strong,” he added.

At present, the company has 28 master-planned integrated developments across the country.

Shares in Megaworld on Wednesday lost three centavos or 1.46% to finish at P2.02 apiece. — Justine Irish D. Tabile