Megaworld achieved net income of PHP 6.03 billion during the first half of 2016, 11 percent higher than the same period last year.
The company’s earnings growth continued to be driven by its focus on township developments, not only in Metro Manila but also in the provinces.
Francis Canuto, Chief Finance Officer of Megaworld, said: “The Government’s thrust to expand economic opportunities to the regions is parallel to Megaworld’s direction in expanding its developments outside of Metro Manila, where the company is already strong.
“The beauty behind our diversification story is that it is intrinsically part of our drive towards nation building.
“We bring growth where we are headed,” he added.
Megaworld’s performance in its rental business, which includes offices, malls and commercial centers, remained to be the primary contributor to the sharp growth in the first half earnings.
Rental income soared 15 percent in the first six months of the year to PHP 4.84 billion compared to PHP 4.21 billion in 2015.
The company will deliver 150,000 sqm of office space and around 75,000 sqm of commercial space annually until 2020.
It is expected to break the 1 million sqm mark in terms of total leasable space this year, and will have doubled that by the end of 2020.
Consolidated core revenues for the Megaworld Group, which includes subsidiary brands Global Estate Resorts, Inc. (GERI), Empire East Land Holdings, Inc. and Suntrust Properties, Inc., amounted to PHP 23.03 billion for the first half of 2016, up 5 percent from PHP 22.01 billion during the same period in 2015.
Megaworld already has 21 integrated urban township developments across the Philippines.
