Megaworld posts P9B profit in 2013-A A +A
Thursday, April 10, 2014
MEGAWORLD Corp. posted a net income of P9.03-billion, inclusive of P760-M on non-recurring gain, in 2013, a 22 percent increase from 2012.
The increase is attributed to strong residential sales from its various townships, particularly in Newport City, Uptown Bonifacio, McKinley Hill and Eastwood City and higher leasing income from its office and retail portfolio. In 2012, the company posted P7.41-billion net income that was also attributed to strong sales from its residential segment.
“The country’s strong and stable economy, as well as the continuous growth of the BPO sector, have propelled our growth in 2013. Last year was another banner year for Megaworld,” said Dr. Andrew L. Tan, chairman and CEO of Megaworld.
Total revenues of Megaworld, together with its subsidiaries Empire East Land Holdings and Suntrust Properties, amounted to P36.24-billion in 2013, up 18 percent from P30.6 billion in 2012.
The Megaworld Group posted a record P68.2-billion in reservation sales in 2013 from the 18 projects launched.
Last year’s launched projects include 10 for Megaworld: One Eastwood Avenue Tower 2 in Eastwood City; Uptown Parksuites in Uptown Bonifacio; The Florence Tower 1 in McKinley Hill; Manhattan Plaza Tower 1 in Araneta Center, Quezon City; Bayshore Residential Resort Phase 2 in Pasay City; One Manchester Place Tower 1 in The Mactan Newtown, Cebu; and One Madison Place Tower 1, 2, and 3 as well as commercial lots in the Iloilo Business Park in Mandurriao, Iloilo City.
Meanwhile, Empire East has launched five towers: San Lorenzo Place Tower 3 in Makati City; Kasara Urban Residences Tower 3 and The Rochester Tower 6 in Pasig City; and Cambridge Village Clusters 32 and 33 in the border of Pasig City and Cainta, Rizal.
Suntrust Properties, likewise, launched three residential projects: Suntrust Kirana in Pasig City, Suntrust Rivabella and Suntrust Ecotown in Cavite.
On the other hand, Megaworld’s rental income from office developments and lifestyle malls surged to a record P6.04-billion in 2013, 21 percent higher than the P4.99-billion in 2012.
Megaworld said in a press statement that it is set to further solidify its position as “the leader in office development in terms of total office space inventory” by completing another 112,000 square meters of office spaces this year. By the end of 2014, the company will have around 712,000 square meters of office spaces in its portfolio with the completion of new state-of-the-art office towers in Uptown Bonifacio, The Mactan Newtown in Cebu, and Iloilo Business Park.
On the retail side, Megaworld is also set to complete another 70,000 sqm in additional commercial and retail spaces with the completion of the Venice Grand Canal Mall in McKinley Hill, and some commercial strips at The Mactan Newtown, bringing its commercial and retail space portfolio to 240,000 square meters by the end of 2014. (PR)
Published in the Sun.Star Cebu newspaper on April 11, 2014.