Manila Bulletin By James Loyola
Megaworld Corporation, the country’s largest developer of integrated urban townships, grew its net income by 13.4 percent to P13.3 billion in 2017 from P11.7 billion in the previous year.
In a disclosure to the Philippine Stock Exchange, the firm said 2017 earnings included non-recurring gains of P113 million while 2016 figures included a non-recurring gain of R82 million.
Attributable net income ended at P12.8 billion in 2017, a 12.7 percent jump from the P11.3 billion posted in 2016.
Megaworld said the healthy growth was underpinned by the strong performances of its key businesses in residential and hotel developments, office as well as commercial space leasing in malls and shopping centers.
Consolidated revenues including non-recurring gains grew 7.7 percent to P50.4 billion in 2017 from the previous year’s P46.8 billion.
Megaworld’s rental business, which covers both office and commercial space leasing grew the fastest among the segments. Rental income rose 18.2 percent to P11.8 billion in 2017 from last year’s P10 billion.
Comprising around 70 percent of its consolidated revenues, the company’s residential business was up 4.5 percent to P34.6 billion in 2017 from P33.1 billion the previous year.
“We are still way beyond our targets and we see this momentum to continue until we reach our P20 billion target in annual rental income by 2020, or even beyond that. There is still so much opportunities to tap in the property market and we are ready for that,” said Megaworld Senior Vice President and Treasurer Francis Canuto.
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