MANILA, Philippines - Megaworld Corp. posted a net income of P8.35 billion in the nine months to September, 12.52 percent higher than the P7.42 billion recorded a year ago due to the continued expansion of its townships across the country.
Consolidated revenues grew 10.85 percent to P33.53 billion from P30.24 billion last year.
Among the different business segments, the company’s rental unit recorded the fastest growth of 24 percent with income hitting P6.44 billion from P5.2 billion a year ago.
Francis Canuto, Megaworld chief finance officer, said the company is confident it would hit its rental income target of P9 billion this year.
“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. We are currently building more office towers and more malls and commercial spaces in all of our townships. We are certain in reaching our rental income target of P9 billion this year,“ he said.
Residential sales went up 11.5 percent to P20.49 billion.
Megaworld has completed its target to launch five townships this year with the launch of its latest project, Westside City at Pagcor’s 100-hectare Entertainment City in Parañaque.
The 31-hectare Westside City, Megaworld’s 20th township, is envisioned to be the “Broadway of Asia” as it becomes home to the first-ever Grand Opera House in the country.
It will also be the second leisure and entertainment township of Megaworld after Newport City in Pasay.
Aside from Westside City, the company also launched four other new townships during the nine-month period namely, the 53-hectare Northill Gateway and the 34-hectare Upper East in Negros Occidental, the 170-hectare Sta. Barbara Heights in Iloilo, and a 35.6-hectare vast property beside the Pampanga Provincial Capitol in the City of San Fernando.
“Our 20 townships become a testament of our company’s continuing commitment to help build the country. We will continue to build communities that make living, working and playing more convenient and exciting to Filipinos,” Canuto said.
It was in 1999 when the company built the 18-hectare Eastwood City, the first integrated urban township in the Philippines, which saw the birth and growth of the country’s IT-BPO industry.