Record take-up of condos, rental income boost Megaworld's 2013 profit
By: Krista Angela M. Montealegre
April 10, 2014
MANILA – Megaworld Corp grew its earnings by more than a fifth last year as take up of its residential projects and rental income reached all-time highs.
In a disclosure to the Philippine Stock Exchange, the upscale condo builder owned by billionaire Andrew Tan said it pocketed P9.03 billion in 2013, an increase of 22 percent from P7.41 billion in the previous year. Last year's earnings included an extraordinary gain of P760 million.
“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 Tan, who is chairman and chief executive officer of the property company.
Revenues of the Megaworld Group, which includes subsidiaries Empire East Land Holdings and Suntrust Properties, jumped 18 percent to P36.24 billion last year from P30.6 billion in 2012.
The Megaworld Group posted a record P68.2 billion in reservation sales last year, a seven percent improvement from the P63.5 billion in 2012, as the three property firms launched a total of 18 projects.
Rental income from office developments and lifestyle malls climbed to an all-time high of P6.04 billion, or 21 percent higher than the P4.99 billion in 2012.
“Along with our sustained growth in the residential segment, we are committed to further expand our recurring income portfolio especially in our office and retail businesses. Year after year, we will be completing more office towers, malls, and commercial spaces. By 2017, we expect our rental income to reach P10 billion, double that of 2012,” Tan said.
Megaworld is cementing its position as the leader in office development by completing another 112,000 square meters of office spaces this year. By yearend, the company will have around 712,000 square meters of office spaces in its portfolio with the completion of towers in Uptown Bonifacio, The Mactan Newtown in Cebu, and Iloilo Business Park.
On the retail side, Megaworld is also adding 70,000 square meters in commercial and retail space with the completion of the Venice Grand Canal Mall in McKinley Hill, and some commercial strips at The Mactan Newtown. The company will have a total commercial and retail space portfolio of 240,000 square meters by yearend.
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