Megaworld nets higher profit in second quarter

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Megaworld Corp. grew its attributable profit by 14% in the second quarter of 2018, driven by its residential, office, and mall properties alongside the acceleration of its hotel business.

In a regulatory filing, the property firm of tycoon Andrew L. Tan reported a net income attributable to equity holders of the parent to P4.1 billion in the April to June period, higher than the P3.6 billion it generated in the same period a year ago.

Reveues went up by 11% to P13.7 billion during the second quarter, against the P12.3 billion recorded in the same period a year ago.

This pushed Megaworld’s attributable profit 13% higher to P7.25 billion in the first semester of 2018, after revenues climbed 10% to P26.8 billion.

“Megaworld’s consistent growth across all business segments is a clear indicator of where the company is going, and we are continuously focusing on putting better value to our customers through our programs on innovation and design, digital technology, smart mobility and connectivity as well as environmental sustainability,” Megaworld Senior Vice President and Treasurer Francis C. Canuto said in a statement. — Arra B. Francia