Megaworld income hits high of P5.1B in 2010

MANILA, Philippines - Megaworld Corp. posted record earnings of P5.1 billion last year, 25 percent higher than the previous year, on robust sales and improving lease income from its business process outsourcing (BPO) buildings and retail centers.

 In a financial report submitted to the Philippine Stock Exchange, Megaworld said consolidated revenues rose 16 percent to P20.5 billion while rental income from BPO office and retail developments grew 35 percent to P2.7 billion.

Megaworld first vice president Francis Canuto attributed its strong residential sales to the strength of business model and its proven track record in the industry as it has delivered more than 220 buildings to its customers over the last two decades.

Megaworld, which pioneered the development of community townships that incorporate the live-work-play-learn concept, ended the year with cash and cash equivalents of P22 billion.

Bullish about the prospects of the local economy, Megaworld chairman and chief executive officer Andrew Tan said the company, with a capital base of over P55 billion, is in a strong position to pursue its goals even as it continues to enhance its operating efficiency and profitability.

The company has seven ongoing projects within Metro Manila and several residential developments within the Makati central business district and San Juan.

Megaworld was the first to develop an information technology park in the Philippines through its project in Eastwood City, which provides a 24/7 work environment to BPO firms servicing the global market. With the success of Eastwood City, Megaworld expanded its portfolio to McKinley Hill, which is now home to some of the biggest names in the BPO industry.

The firm is acknowledged as the country’s biggest BPO office landlord with around 384,000 square meters of office space in its portfolio. It is expected to complete another 78,000 square meters of space this year.