MANILA, Philippines - Property developer Megaworld Corp. said on Thursday its first half net profit grew 12% from a year ago to P2.24 billion, driven by higher real estate sales and rental income.
Based on its reported first quarter net income of P1.1 billion, the property arm of conglomerate Alliance Global Group, posted a profit of P1.14 billion in the second quarter of 2010.
Consolidated revenue for the first half rose by 6% from the year before to P9.29 billion, with second quarter revenue of P4.64 billion based on its first previous quarter reported revenue of P4.65 billion.
Real estate sales for the first six months totaled P6.10 billion, with P2.99 billion coming in the second quarter.
Rental income from its business process outsourcing office and retail developments went up to P1.28 billion from January to June, with P595.06 million generated in the second quarter compared to P596.34 million posted in the first quarter.
"We remain optimistic about the prospects of the property industry. We are definitely on track to meeting our sales targets for the year," Kingson Sian, Megaworld executive director and senior vice president, said in a statement to the Philippine Stock Exchange.
Shares of Megaworld shed 5.1% at P1.69 in early trade.