Megaworld Corp. grew its 2011 net profit by 60 percent to P8.03 billion on double-digit increases in real estate sales, rental and hotel revenues alongside some one-time gain from a share sale.
This net profit attributable to equity holders of the parent company resulted in 13.18 percent return on equity from only 8.7 percent in 2010, based on the company’s regulatory filing.
Consolidated total revenues surged by 39.35 percent to P28.63 billion resulting from strong property sales and increased leasing income and nonrecurring gain from the sale of shares.
Megaworld, which is led by Andrew Tan, booked a 140.66 percent increase in equity share in net earnings of associates, interest and other income to P5.33 billion due to increase in equity in net earnings of associates and non-recurring gain from sale of shares.
Among product portfolios, the bulk of consolidated revenues came from the sale of condominium units and residential lots amounting to P15.89 billion in 2011, up by 21.18 percent from the previous year.
Group-wide sales mostly came from the following projects: Eight Forbestown in Fort Bonifacio Taguig; Eastwood Le Grand in Eastwood City; Mckinley West, Morgan Suites and The Venice Luxury Residences in Mckinley, Taguig City; Manhattan Heights in Quezon City; and Newport Palmtree Villas, 81 Newport Boulevard and Newport City in Pasay.
Rental income contributed 13.37 percent to the consolidated revenue and amounted to P3.83 billion, up by 42 percent from the previous year. This was fueled by the completion of additional leasing properties and increase in demand for office space from business process outsourcing companies.
The group’s hotel operations grew by 68.49 percent to P392.17 million in 2011, an increase of 68.49 percent. This was attributed to the increase in the number of hotel rooms and hotel occupancy rates.
http://business.inquirer.net/54049/megaworld-nets-p8b-in-2011
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