Megaworld posts record P12.09B net income in H1

Megaworld Corporation achieved a record net income of P12.09 billion in the first half of the year, marking a 23 percent increase from the previous year.

Second-quarter earnings rose 31 percent to P6.26 billion.

This significant income growth was primarily fueled by robust performance in its residential, leasing, and hospitality segments.

The company's leasing segment showed particular strength, with office leasing revenues climbing 17 percent to P7.40 billion, supported by the addition of new properties and increased rental rates.

Nearly 100,000 square meters of new leases were signed, led by top-tier BPOs and multinational firms.

Megaworld Lifestyle Malls also experienced a 10 percent rise in leasing revenues to P3.33 billion, attributed to attracting new premium tenants such as Japan's Nitori, Korea's 8Seconds, and China's KKV.

Hotel revenues saw a substantial jump of 19 percent to P2.81 billion, driven by higher room rates and expanded inventory, with strategic partnerships with global brands like Accor.

The company's President and CEO, Lourdes Gutierrez-Alfonso, highlighted the success of their township strategy and its adaptability in various market conditions.