Megaworld's first-quarter net income increases by 10%
Megaworld, a real estate conglomerate, reported an increase in net profits for the first quarter of 2024.
Megaworld, a real estate conglomerate, reported an increase in net profits for the first quarter of 2024.
The developer announced in a statement that they made P5 billion in net income during the first quarter of the year.
The company reported that robust bookings and unit sales caused real estate sales to rise by 29% to P12.1 billion. Just leasing income increased by 6% to P4.6 billion in March from January to March.
In contrast, Megaworld Lifestyle Malls reported a 20% increase in revenue to P1.5 billion as a result of greater occupancy and higher tenant sales.
In addition, Megaworld Hotels & Resorts reported a 39% increase in income to P1.1 billion due to the expansion of local tourism and MICE (Meetings, Incentives, Conventions, Exhibitions) activities.
As they celebrate 35 years in the Philippine real estate market, Megaworld aims to have 35 townships by the end of 2024, according to Kevin Tan, chief executive officer of Megaworld's parent company Alliance Global Group.
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