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Megaworld income grows 10% to breach P10 B

By Iris Gonzales (The Philippine Star) | Updated April 6, 2016 - 12:00am


MANILA, Philippines – Megaworld, the Andrew Tan-led developer of integrated urban townships and the biggest lessor of office spaces, saw its core net income breach the P10-billion mark.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, the company said core earnings grew 10.58 percent to P10.4 billon on strong revenues from its townships.

“We already have a strong roster of townships across Luzon, Visayas and Mindanao that are backed by adequate land banking and carefully-thought master plans. We have already mastered the art of township development,” said Megaworld chief finance officer Francis Canuto.

Consolidated revenues went up 9.37 percent to P44.81 billion.

The leasing business has been the fastest growing segment with rental income expanding by 23.46 percent.

Leasing income from malls, commercial centers and offices increased to P8.73 billion last year from P7.07 billion in 2014.

“Our rental business had been growing exponentially the last five years. We are confident that we will reach the P11-billion target by the end of this year as we see continuous growth in consumer spending as well as further expansion of BPO companies, particularly in key growth areas in Visayas and Mindanao where Megaworld is already present,” Canuto said.

“What we want to put focus on now is how to further grow our rental portfolio, which is integral to being a township developer. Malls and offices are key components of an urban township,“ he said.

Among its township projects include the 18.5-hectare Eastwood City in Quezon City, 25-hectare Newport City in Pasay City, 50-hectare McKinley Hill, 34.5-hectare McKinley West, 15.4-hectare Uptown Bonifacio and the five-hectare Forbes Town Center all in Fort Bonifacio.

Other townships include the 28.8-hectare Mactan Newtown in Cebu, 72-hectare Iloilo Business Park and the 173-hectare Sta. Barbara Heights (both in Iloilo), the 150-hectare Boracay Newcoast in Boracay Island, the 1,300-hectare Twin Lakes in Tagaytay, the 12.3-hectare ArcoVia City in Pasig City, the 561-hectare Southwoods City in the boundaries of Cavite and Laguna, 11-hectare Davao Park District in Davao City, the 62-hectare Alabang West in Las Piñas City, the 350-hectare Suntrust Ecotown in Tanza, Cavite and The Upper East and Northill Gateway (both in Negros Occidental); a 35.6 hectare property beside the Pampanga Provincial Capitol in the City of San Fernando, and Westside City in the Entertainment City in Parañaque.

SOURCE: http://www.philstar.com/business/2016/04/06/1569735/megaworld-income-grows-10-breach-p10-b
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