Megaworld posts higher profit in 3 quarters

Property developer Megaworld Corp. reported a 39-percent net income growth in the first three quarters of 2023, on higher sales across all core business segments.

The company said it earned P13.5 billion from January to September, higher than P9.7 billion in the same period last year.

Consolidated revenues during the period went up by  14 percent  to P48.6-billion, driven by robust real estate bookings, leasing, and hotel operations.

"We are optimistic that we will reach our record revenues by the end of the year across our businesses as we continue to capture opportunities within and beyond Metro Manila," Kevin L. Tan, chief executive officer, Alliance Global Group, the parent company of  Megaworld.

Real estate sales for the period increased by 11 percent year-on-year to P29 billion attributed to  higher project completion rates.

The company is poised to exceed its year-end reservation sales target of P130 billion, with  reservation sales in the first nine months of 2023 already growing by 28 percent  to P109.5-billion.  The figure already represents 84 percent of the company's year-end goal.

Megaworld launched P69.3-billion worth of projects this year, with three big projects being rolled out in the third quarter alone. These include Uptown Modern in Uptown  Bonifacio, Taguig City with P29-billion worth of inventory; Laurent Park in Manhattan Garden City, Quezon City with P6.5-billion worth of inventory; and Kensington Sky Garden in Upper East, Bacolod City with P2.5-billion worth of inventory.

'We still have projects to be launched before the year ends," Tan said.

Leasing revenues from Megaworld Lifestyle Malls and Megaworld Premier Offices grew 17 percent to P13.3-billion during the first three quarters of the year.

Megaworld Lifestyle Malls grew its revenues by 70 percent to P3.9-billion during the period driven  by higher rental collections, while Megaworld Premier Offices grew 3 percent to P9.4-billion.