MANILA, March 25 (PNA) — Andrew Tan-led property developer Megaworld Corp. posted a whopping 139-percent surge in profit in 2014 on the back of record earnings.
In a statement to the Philippine Stock Exchange, Megaworld said its net income reached Php21.6 billion inclusive of Php12.1-billion non-recurring gain last year from Php9.03 billion in 2013.
Without non-recurring gain, net income went up by 14 percent to Php9.4 billion last year –reflecting an 18 percent annual growth since 2009 when net income was Php4 billion, or more than double in a span of only five years.
Consolidated revenues, excluding non-recurring gain, surged by 15 percent to Php41 billion from Php35.6 billion.
“Last year was a milestone for us. With Megaworld celebrating its 25th anniversary, we raked in record earnings and managed to grow our land bank to over 4,000 hectares. Our income growth last year was driven by both real estate sales and rental income,” said Dr. Andrew L. Tan, chairman and chief executive officer at Megaworld.
The company’s real estate sales increased by 16 percent year-on-year to Php24.6 billion and rental income grew by 17 percent to Php7 billion.
“Our rental income is growing in line with our expectations. Continued growth in our office and mall leasable space will provide the catalyst for exceeding Php10-billion in rental income in 2016,” Tan said.
He said the company has more diversified real estate sales mix that is propelled by integrated urban township developments in Metro Manila, Cebu and Iloilo as well as tourism-related projects in Tagaytay and Boracay.
“We expect to maintain similar growth momentum generated in the past, achieving a double-digit net income growth every year on the back of a stronger and bigger township portfolio,” Tan added.
Five townships that were launched last year and another five townships to be launched this year will increase the company’s township developments to 20 by the end of 2015. (PNA)