Megaworld nets P8B in 9M

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    Megaworld Corp. said profit for the first nine months of the year reached P8.1 billion, down 40 percent from last year’s P13.7 billion.

    The company said its core businesses were affected by months of strict lockdowns, resulting to a 30- percent decline in revenues to P33.3 billion from P48.1 billion last year.

    Third quarter revenues grew by 9 percent to P9.5 billion from P8.7 billion in the second quarter. Net income also improved by 7 percent quarter-on-quarter to P2.2 billion.

    Megaworld said its rental income hit P3.4 billion in the third quarter, up 13 percent from P3 billion the previous quarter.

    The Megaworld hotels posted revenues of P1.17 billion, down 38 percent from P1.87 billion last year.

    Megaworld said while its real estate sales were almost flat in the third quarter compared to the second quarter at P4.75 billion, it has seen a remarkable growth in reservation sales of its horizontal residential projects in various tourism estates in the provinces through its subsidiary Global-Estate Resorts Inc.