Property giant Megaworld Corporation’s first nine months’ net income this year shot up 12.52 percent to P8.35 billion, on the back of a record 24-percent rise in rental income for the period, the company announced Thursday.
This made the company sure of reaching its P9-billion target net income for the entire 2015, according to company officials.
In a disclosure to the Philippine Stock Exchange, the township developer said its January-September 2015 net income was higher than the P7.42 billion it made in the same period last year, net of an P11.62-billion non-recurring gain.
The company said aggressive expansion of its townships across the Philippines had driven its bullish performance during the period.
Megaworld claims to be the first in the country to get into township development—a real estate concept joining residential, commercial, and institutional components in a community—with its Eastwood City in 1999.
Megaworld said its rental arm was the fastest-growing business segment in the first nine months of 2015, soaring 24 percent to P6.44 billion.
The firm’s consolidated revenues for the first nine months of 2015 grew by 10.85 percent to P33.53 billion from the P30.24 billion registered in the same period last year.
Residential sales grew by 11.50 percent to P20.49 billion from the P18.38 registered a year ago.
Real estate sales likewise rose 11.50 percent year-on-year from P18.38 billion in 2014.
“While we have been successful in our aggressive expansion of our townships across the country, it is time to further build on our recurring income portfolio,” said Megaworld chief finance officer Francis Canuto. “We are currently building more office towers and more malls and commercial spaces in all of our townships.”