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MANILA, Philippines – Megaworld Corporation (PSE:MEG), the country’s biggest developer of urban townships and largest office space lease provider, registers its nine-month financial performance with a rental income growth of 15 percent. The rental returns pulled its total income to P9.27 billion. Rental income reached P7.41 billion from its last year record of P6.44 billion during the same period.
Rental income includes office expansion and commercial retail segment. During the previous months, the company has opened new commercial centers and malls in McKinley Hill, Iloilo Business Park, Uptown Bonifacio, Forbes Town Center, Twin Lakes, The Mactan Newtown, and other integrated urban townships. Alternatively, new office towers were also unveiled in The Mactan Newtown, McKinley West, Iloilo Business Park, and Uptown Bonifacio.
Megaworld also enlarged its hotel segment with the instigation of Belmont Hotel, which is another local hotel brand. Late last year, the brand launched its new hotel in Newport City alongside its domestic Richmonde Hotels in Iloilo, Eastwood City, and Ortigas.
The company has an increase of 11 percent for its net income from P8.35 billion to P9.27 billion against last year of the same period.
The consolidated revenues, on the other hand, increased by five percent from P33.53 billion last year to P35.26 billion this year.
Francis Canuto, Megaworld Treasurer, stated that the core businesses of the company remain strong. The management is glad to see the company’s fast-growing operations on rental segments. According to Canuto, the company is now transforming into a landlord from just being a developer. In other words, the organization will be isolated from residential business recurrences while ensuring its stable or exceeding growth.
Earlier this year, the company introduced the 140-hectare Maple Grove, which is its 21st integrated urban township that will be located in General Trias, Cavite. The development eyes to have an assortment of retail, residential, institutional, and office components alongside eclecticism in an environment-friendly society.
Megaworld is expected to unveil its 22nd integrated urban township before the year ends.