Megaworld books P19.4-billion profit

Property developer Megaworld said its full-year net income went up 26 percent to P19.4 billion in 2023.

Net income attributable to parent went up 29.3 percent to P17.3 billion, while consolidated revenues jumped 17 percent.

Megaworld said it saw double-digit growth across all of its core businesses: real estate sales soared 16 percent to a record-breaking P42.7 billion on the back of strong bookings.

Reservation sales, meanwhile, reached P139 billion, up 17 percent and exceeding the P130-billion target.

Leasing revenues from Megaworld Lifestyle Malls and Megaworld Premier Offices climbed to P17.9 billion, up 14 percent, because of the recovery in retail operations and tenant sales.

Office revenues grew modestly at 3 percent, as Megaworld said the industry faced headwinds in 2023.

Megaworld Hotels & Resorts also saw its revenues jump by 46 percent to P3.8 billion.

Andrew Tan's property firm launched P73 billion worth of projects in 2023, higher than the P45 billion it launched in 2023.

The company's net income climbed by 31 percent to P8.8 billion in the first half of 2023.