Megaworld’s Q1 profit up 30%

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Photo from: Megaworld FB page

By: Philippine Daily Inquirer

Megaworld Corp., the property arm of billionaire Andrew Tan, saw profits soar by 30 percent in the first quarter of the year on strong real estate sales revenues and workplace activity as pandemic restrictions were relaxed.

In a statement on Monday, the builder said this brought net income from January to March to P3.1 billion compared with P2.4 billion in the same period last year.

Revenues during the period were up 29 percent to P13.1 billion as real estate sales, office rentals, malls and hotels booked double-digit earnings growth during the quarter.

“This is definitely a strong start for us and affirms that our improved performance can be sustained,” Megaworld chief strategy officer Kevin Tan said in the statement.

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