In a statement, Megaworld attributed the increase in profit to strong residential sales in its township projects such as Newport City, Uptown Bonifacio, McKinley Hill and Eastwood City, as well as higher leasing income from its BPO and retail portfolio.
Total revenues reached P17.28 billion in the first half, 12% up from the previous year.
Megaworld, which includes subsidiaries Empire East Land Holdings and Suntrust Properties, reported P38 billion in reservation sales in the first six months of the year, 27% higher than a year ago.
"We see continued significant growth in the Philippine property sector, especially in the residential, commercial and office segments, due to these factors: strong macroeconomic fundamentals, the continued influx of OFW remittances and a strong consumer sector," Megaworld chairman and CEO Andrew Tan said.
Based on the first half performance, Tan said Megaworld is on track to hit the P70 billion target for reservation sales this year. Megaworld group has already launched 14 projects in the January to June period.
Megaworld said rental income from BPO office developments and lifestyle malls jumped 25% to P2.83 billion in the first half.
"We will continue to build more office developments and lifestyle malls to support the growing demands of the BPO industry and retail consumers.This will enable us to achieve another record year for our rental income in 2013," Tan said.
source: www.abs-cbnnews.com
