Megaworld’s 9-month net profit up 6% to 8.6 billion pesos GMA News Online

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Real estate developer Megaworld Corp. on Wednesday reported single-digit earnings growth in the first nine months of 2021, reflecting the upturn in business as the country’s economy reopens.

In a disclosure to the Philippine Stock Exchange, the company headed by Andrew Tan reported net income of 8.6 billion pesos during the January-September period, up 6% from 8.1 billion pesos. pesos from the same period last year.

In the third quarter alone, Megaworld’s net profit rose 46% to 3.3 billion pesos from 2.2 billion pesos.

In addition, for the first nine months, Megaworld’s consolidated revenue grew 10% to P36.9 billion from P33.4 billion from last year.

Consolidated revenue in the third quarter climbed 50% to 14.5 billion pesos from 9.6 billion pesos in the third quarter of 2020.

“The momentum of recovery has started to gain momentum and we hope that the decline in alert levels, particularly in Metro Manila, will continue through the end of the year. As more people step outside safely and enjoy normal lives, the better for business and our economy as a whole, ”said Kevin Tan, Chief Strategy Officer, Megaworld.

Real estate sales soared 102% to 9.6 billion pesos in the third quarter from 4.7 billion pesos in the same period last year, reflecting an expansion in construction activity.

Reservations sales for the quarter were 17.1 billion pesos, reflecting a 35% year-over-year increase.

Real estate sales from January to September also jumped 21% year-on-year to 23.1 billion pesos from 19.1 billion pesos.

To date, Megaworld has said it has 28 integrated urban townships planned across the country. – VBL, GMA News


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