Megaworld profit up 17%

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    Megaworld Corp. posted 17 percent growth in profit to P13.7 billion for the first nine months of the year, compared with P11.7 billion last year.

    Revenues increased 17 percent to P48.1 billion from P41.3 billion, attributed to the strong performance of its core businesses. Profit less minori1ty interest stood at P12.8 billion, up 14 percent from P11.3 billion last year.

    The company said real estate sales rose 11 percent to P30.7 billion from P27.6 billion. As of end-September, it launched a total of P58.7 billion in new residential inventory, while reservation sales reached P114 billion.

    Rental income increased 19 percent to P12.4 billion from P10.5 billion last year, helping sustain earnings growth on the back of strong leasing from Megaworld Premier Offices and Megaworld Lifestyle Malls, the company said.

    Megaworld’s hotel business became the fastest-growing segment during the nine-month period as hotel revenues soared 82 percent to P1.9 billion compared to last year’s P1 billion, due to the increase in hotel room capacity of the homegrown brands of Megaworld Hotels.