Megaworld profit soars to P2.7B in Q1


Posted at May 14 2014 03:25 PM | Updated as of May 14 2014 11:25 PM

MANILA, Philippines - Andrew Tan-led Megaworld reported its profits soared nearly 50 percent in the first quarter of 2014.

In a statement, Megaworld said it posted a net income of P2.69-billion, which included a P604 million one-time gain, in the January to March period.

The profit growth was attributed to residential sales in its various township projects such as Newport City, Uptown Bonifacio, McKinley Hill and Eastwood City; as well as higher leasing income from its office and retail portfolio.

Rental income from office developments and malls hit P1.7 billion in the first quarter, 23 percent up from year-ago figures.

Megaworld said its total revenues, which include its subsidiaries Empire East Land Holdings and Suntrust Properties, reached P9.94 billion for the first quarter 2014, up 22 percent.

Megaworld and its units also reported P19.6 billion in reservation sales in the first quarter 2014 , 9 percent higher than the same period in 2013.