Megaworld profit up 33% in ’03

Upscale property developer Megaworld Corp. reported a 33-percent growth in its net income last year to P574.21 million, from only P431.84 million a year earlier.

Consolidated revenues rose 29 percent to P1.5 billion from the previous year’s P1.16 billion while real estate sales slightly went down to P2.55 billion compared with the year-ago level of P2.58 billion.

The sales generated were derived mostly from Paseo Parkview Towers 1 & 2, Greenbelt Raddisions and Greenbelt Parkplace in Makati City and Eastwood Excelsior Towers 1 & 2, Olympic Heights Towers 1, 2 & 3 and Cyber One in Eastwood City.

Rental and hotel operations and other sources of income remained a major revenue contributor, accounting for P742.89 million or 49 percent of consolidated gross revenues, higher by 68 percent year-on-year from P441.63 million.

Commercial and office space units in Eastwood City and elsewhere enjoyed high occupancy rates of almost 100 percent, thus heavily contributing to the growth in leasing portfolio of the group.

With the continuous flow of revenues, the group enjoyed a high liquidity position through effective cash management and some sound investments made by subsidiaries, resulting in a significant increase in other revenues to P427.68 million.

As of end-December 2003, total resources amounted to P30.71 billion, up by 18 percent from the year ago level of P26 billion.

With its strong financial position, Megaworld will continue investing in and pursuing expansion activities as it focuses on identifying new markets, maintaining established markets and tapping business opportunities.

Among the company’s completed projects include the One Beverly Place in Greenhills, San Juan; Wack-Wack Heights and 8 Wack Wack Road in Mandaluyong City; One Lafayette Square, The Salcedo Park and Paseo Parkview Towers 1 and 2 and Marina Square Suites in Malate.

Projects which are still under development include Eastwood City-based residential condominium projects and a five-hectare residential-commercial project which the company is undertaking jointly with its partner, Bonifacio West Development Corp.

Megaworld is the developer of the Philippines’ first operational information technology park, the Eastwood CyberPark in Eastwood City.

The CyberPark is home to the Citibank Square, the headquarters of Citibank’s credit card and data center operations and IBM Plaza which has IBM Philippines as its anchor tenant.

Megaworld is a property-based holding company which is primarily engaged in the development and marketing of large-scale residential and office developments including urban centers integrating office, residential and commercial components.