MANILA, Philippines - Megaworld Corp., the property company owned by tycoon Andrew Tan, reported its net income surged 139 percent to P21.6 billion in 2014.
Excluding a one-time gain of P12.1 billion, Megaworld said its net income rose 14 percent to P9.4 billion in 2014.
The company said consolidated revenues, excluding non-recurring gain, jumped 15 percent to P41 billion last year. Real estate sales went up 16 percent year-on-year to P24.6 billion, while rental income grew 17 percent to P7 billion.
"We raked in record earnings and managed to grow our land bank to over 4,000 hectares. Our income growth last year was driven by both real estate sales and rental income. We have a more diversified real estate sales mix that is propelled by our integrated urban township developments in Metro Manila, Cebu and Iloilo as well as tourism-related projects in Tagaytay and Boracay," Tan, Megaworld chairman and CEO, said.
Tan, who is the Philippines' fourth richest man, is bullish about the company's prospects this year.
He noted rental income is expected to exceed P10 billion by 2016.
"We expect to maintain similar growth momentum generated in the past, achieving a double-digit net income growth every year on the back of a stronger and bigger township portfolio," he said.
In 2014, Megaworld launched five township projects. This year, it is planning to launch another five townships.