Megaworld net income up 41 percent in Q1 as mall, hotel units recover

ABS-CBN News

Posted at May 16 2022 12:31 PM | Updated as of May 16 2022 03:35 PM

MANILA - Megaworld Corp on Monday said its net income grew 41 percent in the first quarter to P3.5 billion from P2.5 billion in the same period last year.

The growth was attributed to the improved business environment, the real estate firm told the stock exchange.

Net income attributable to parent company rose 30 percent to P3.1 billion compared to P2.4 billion in 2021.

Consolidated revenues reached P13.1 billion, 29 percent from P10.2 billion the previous year as business segments posted double digit improvements, the Andrew Tan-led firm said.

"This is definitely a strong start for us and affirms that our improved performance can be sustained," Megaworld chief strategy officer Kevin Tan said.

"We are focused on returning to our pre-pandemic performance and grow beyond that. In fact, we are now looking at opportunities to further expand our geographical footprint in the country this year with the launch of several new townships," he added.

Malls registered a "tremendous improvement" with rental income for the first 3 months growing 40 percent to P717.1 million on the back of improving foot traffic and resumption of retail operations.

Hotels also posted a 50 percent growth in revenues, it added.

Megawold operates townships, malls and real estate developments nationwide.

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