Megaworld Corp. said profit for the first half of the year amounted to P5.9 billion, down 34 percent from P8.9 billion.
Revenues dropped 25 percent to P23.8 billion, from P31.7 billion last year.
“Just as the pandemic began in the last month of the first quarter, we already anticipated a decline in our earnings in the second quarter, but what actually surprised us was the fact that the drop wasn’t as bad as we have expected it to be, and it remains manageable. Our strategic decision of further strengthening our office leasing business way before the pandemic started is now evidently making us more resilient,” said Kevin Tan, Megaworld
chief strategy officer.
Leasing revenues grew 10 percent to P5.6 billion, from P5.1 billion last year.
Hotel revenues stood at P917.9 million, down 29 percent from P1.3 billion a year ago.
The company said real estate sales also fell by 29 percent to P14.3 billion, from P20.2 billion last year, as it implemented “more flexibility” in payment terms during the quarantine period.