MANILA - Megaworld said its profits for the first half of the year increased to P5.43 billion driven by its aggressive expansion of townships and mixed-use developments.
Megaworld said its net income during the first half of 2015 jumped 12.51 percent to P5.43 billion from P4.82 billion during the same period last year.
The Andrew Tan-led company said also contributing to the first half growth is the strong performance in its rental business, which includes offices, malls and commercial centers.
“The backdrop of the Philippines’ vibrant economy continues to benefit the local property market as evident in our first half results. We look forward to another bright year for Megaworld as we focus our efforts on aggressively expanding our townships across the country, and providing new and innovative offerings in residential, office and commercial businesses," said Francis Canuto, chief finance officer at Megaworld.
Canuto added that Megaworld is set to launch five new townships to add 400 hectares of land for development.
Earlier this year, the company revised its 2015 rental income target to P9 billion from P8 billion as it continued to expand its rental portfolio across townships.
“We remain steadfast in strengthening our recurring income businesses. This year, we are opening new malls and office towers that will allow us more opportunities for leasing growth," said Canuto.
Canuto added that Megaworld is on track to achieve its P10 billion target in rental income next year.