Megaworld's profits rise on real-estate sales, rental income
CHERYL M. ARCIBAL, GMANews.TV
11/13/2009 | 09:31 PM
Real-estate sales and rental income increased profits of Megaworld Corp., the property holding company controlled by Andrew Tan, one of the richest Filipinos.
Net income rose five percent to P3 billion from January to September, the company said.
Increased income and revenues “can be attributed to the innovative and strategic master-planned communities that we have built in the last few years," Francis Canuto, the company’s first vice president and treasurer, said.
Consolidated revenues reached for the nine-month period reached P12.92 billion, slightly higher from P12.48 billion in the same period last year.
Real estate sales contributed P9.09 billion while rental income from its BPO (business process outsourcing) office and retail developments hit a high of P1.42 billion, up 41 percent from P1.0 billion year on year.
The company has recently entered into a joint venture agreement with the Bases Conversion Development Authority (BCDA) that will develop a 8.38-hectare North Bonifacio property in the Fort Bonifacio.
Megaworld has committed to invest at least P15.6 billion over the next 20 years to develop the property, located in the northern district of Fort Bonifacio and extending all the way to Kalayaan Avenue.
The property is near the school zone where the British, Japanese, and American international schools and various local schools are located. - GMANews.TV
Net income rose five percent to P3 billion from January to September, the company said.
Increased income and revenues “can be attributed to the innovative and strategic master-planned communities that we have built in the last few years," Francis Canuto, the company’s first vice president and treasurer, said.
Consolidated revenues reached for the nine-month period reached P12.92 billion, slightly higher from P12.48 billion in the same period last year.
Real estate sales contributed P9.09 billion while rental income from its BPO (business process outsourcing) office and retail developments hit a high of P1.42 billion, up 41 percent from P1.0 billion year on year.
The company has recently entered into a joint venture agreement with the Bases Conversion Development Authority (BCDA) that will develop a 8.38-hectare North Bonifacio property in the Fort Bonifacio.
Megaworld has committed to invest at least P15.6 billion over the next 20 years to develop the property, located in the northern district of Fort Bonifacio and extending all the way to Kalayaan Avenue.
The property is near the school zone where the British, Japanese, and American international schools and various local schools are located. - GMANews.TV
