EARNINGS: Megaworld says net income up 36% to P4B

Property developer Megaworld Corp. on Thursday said its net income in January-September rose year-on-year by 36 percent to a record P4 billion on better residential sales and office rentals. Revenues in the first nine months reached P15.75 billion, a 22-percent increase year-on-year, the Andrew Tan-led firm said. “We see Megaworld’s revenue and income hitting record levels this year, and we believe that this is just the beginning," Megaworld chairman and CEO Andrew Tan said in a statement to the Philippine Stock Exchange. Rental income from Megaworld’s business process outsourcing office and retail projects grew by 39 percent to P1.97 billion. “Our capital base has grown to more than P55 billion, thanks to the support of our shareholders all these years," Tan said. Among Megaworld’s flagship developments are Eastwood City, McKinley Hill, Newport City, Manhattan Garden City, and McKinley West. By the end of 2010, the company will have close to 385,000 square meters of office space in its portfolio. — JE/VS, GMANews.TV