PROPERTY developer Megaworld Corp. said its net income grew by 12 percent to P11.63 billion last year from P10.39 billion in 2015 on the back of strong rental revenues and efficient cost management.
In a disclosure to the Philippine Stock Exchange on Wednesday, the real estate company said its rental revenues last year grew 15 percent to P10 billion from the previous year’s P8.73 billion.
“Megaworld achieved another milestone last year as we breached the P10-B mark for our rental revenues. We have achieved our targets across the board as we have steadily grown and expanded our core businesses,” Francis Canuto, Megaworld treasurer, said in a statement.
Consolidated revenues, excluding non-recurring gains, grew 4 percent year-on-year in 2016 to P46.74 billion compared to P44.81 billion in 2015, the company said.
Megaworld said its successful cost management programs led to a modest 2 percent growth in costs and expenses at P35.1 billion in 2016 from P34.4 billion in 2015.
Last year, the real estate developer launched its 21st township called Maple Grove in General Trias, Cavite, spanning 140 hectares, and also its first integrated lifestyle community called Eastland Heights, covering 640 hectares on the mountains of Antipolo, Rizal.
“Township development remains to be a key strength of our company and we have focused on strengthening the various components of our townships on top of our residential businesses, such as offices, malls and commercial developments as well as hotels,” Canuto said.
He said the company hopes to develop some remaining raw lands in the country, turning them to potential areas for leisure and tourism.
Megaworld was incorporated in August 1989 to engage in the development of large-scale, mixed-used planned communities or townships that integrate residential, commercial, leisure and entertainment components.
The company is also engaged in other property-related activities such as project design, construction oversight and property management.