MANILA — Megaworld Corp said Wednesday its net income in the first quarter of 2023 grew 30 percent to P4.6 billion, surpassing pre-pandemic levels for the first time.

Consolidated revenues grew 24 percent to P16.2 billion, the Andrew Tan-led developer said in a statement.

Megaworld said its consolidated revenues and net income are 9 percent and 11 percent higher compared to the first quarter of 2019, respectively.

“We start the year strong as we continue sustaining the recovery momentum of our businesses and finally grow past our pre-pandemic performance for the first time since the pandemic began in 2020. This affirms our position in the industry and ability to quickly adapt in this new environment and capture opportunities,” says Kevin L. Tan, chief strategy officer of Megaworld.

Real estate sales for the quarter grew by 17 percent to P9.4 billion driven by higher completion rate of projects while residential pre-sales surged by 71 percent to P39.6 billion, it said.

Leasing revenues, meanwhile, grew 18 percent to P4.4 billion led by the growth in its mall business, Megaworld said.

Megaworld Premier Offices posted P3.1 billion in rental income for the period, Megaworld Lifestyle Malls' revenues hit P1.2 billion while Megaworld Hotels & Resorts hit P813 million in revenues, company data showed.

Currently, Megaworld has 30 urban townships nationwide.

• Megaworld net income up 12 pct in Jan-Sept as real estate recovers
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