MANILA, Philippines - Property developers Megaworld Corp. and Filinvest Land Inc. reported strong profits in the first half of the year, on sustained residential real estate sales.
Tycoon Andrew Tan's Megaworld posted a core net income of P3.69 billion in the first six months of 2012 up 15% from P3.21 billion a year ago, on the back of strong residential real estate sales and BPO office rental portfolios.
Megaworld's consolidated revenues were up 12% to P15.43 billion. Rental income from its BPO office and retail developments jumped 39% to P2.26 billion.
Megaworld Senior Vice President Francis Canuto attributed the results to "the strength of the company’s business model."
Meanwhile, Filinvest Land's net income rose 19% to P1.525 billion in the first half, fueled by the real estate sales and rental income.
Real estate sales rose 28% increase P3.838 billion in the six months of the year, from P2.994 billion a year ago. Sales take-up in the first half hit P6.89 billion, 21% higher than the same period last year.
In the second quarter of 2012, Filinvest launched P4.5 billion worth of projects, including 2 in Havila, Rizal - Primrose Townhomes and The Enclave at Highlands Pointe, as well as additional phases in existing subdivisions and mid-rise buildings Capri Oasis and Sorrento Oasis in Pasig, and Sanremo Oasis in Cebu.
Rental income from Festival Supermall, PBCom Tower and Northgate Cyberzone in Filinvest Corporate City contributed P854 million to total revenues, 16% higher than a year ago.
Filinvest's total revenues went up 24% to P5.209 billion in the January to June period.