Megaworld profit increases 11% in H1

Businessman Andrew Tan’s flagship Megaworld Corp. reported its profit rose 11 percent to P6.69 billion in the first six months from P6.03 billion a year ago.

Megaworld reported to the Philippine Stock Exchange that its rental income grew 20 percent to P5.83 billion in first half from P4.84 billion a year ago.

“Megaworld remains to be the largest office developer and lessor in the country. We are well-positioned to retain this leadership as we are on-track to surpass the one-million square meter mark in office space inventory alone by the end of this year,” said Megaworld senior vice president and treasurer Francis Canuto.

The company’s revenues from residential development reached P16.77 billion in the first half.

Moreover, profit from its hotel business also increased double-digit by 10 percent to P648 million in the first semester from P590 million a year ago.

“On the long term, we see our hotel operations to be a major contributor to our growth as we continue to accelerate our hotel developments to support the country’s tourism industry,” Canuto said.

“For Megaworld Group alone, we hope to complete an additional 3,500 rooms in our hotel portfolio in the next five years,” he added.

He noted that the company sees to sustain its double-digit growth across its businesses until the end of this year.