Megaworld Corp. increased its profit for the first quarter of the year by 10 percent to P5 billion from last year’s P4.56 billion.
Revenues grew by 16 percent to P19 billion from P16.38 billion a year ago.
Its real estate sales rose by 29 percent to P12.1 billion, while leasing revenues went up by 6 percent to P4.6 billion.
“Megaworld Lifestyle Malls revenues soared by 20 percent to P1.5 billion, driven by higher tenant sales and improved occupancy of 93 percent, while Megaworld Premier Offices revenues were on the same level at P3.2-billion,” the company said.
It also reported 39 percent growth in Megaworld Hotels & Resorts’ revenues to P1.1 billion compared to P813 million, attributing this to the growth of meetings, incentives, conventions and exhibitions activities and local tourism especially in Boracay Newcoast, highlighted by the strong bookings of the Boracay Newcoast Convention Center during the period.
The Boracay Newcoast Convention Center has a seating capacity of 1,200.
“We started 2024 by consolidating our strength and forging stability for our core businesses as we look forward to many more opportunities for growth in the coming years. This year, we hope to finish 2024 with 35 townships to coincide with our 35 years in the Philippine real estate industry,” said Kevin Tan, Megaworld chief strategy officer.
