Megaworld Corporation, the country’s largest developer of integrated urban townships, reported a 6 percent improvement in net income to P8.6 billion in the first nine months of 2021 from P8.1 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said attributable net income increased by 10 percent to P8.2 billion from January to September 2021 compared to P7.4 billion in the same period last year.

The firm grew its net income by 46 percent to P3.3 billion in the third quarter this year from P2.2 billion in the same period last year.

The growth comes as the company begins its recovery phase with eased restrictions and gradual re-opening of the country’s economy. Attributable net income was up 57 percent to P3.2 billion during the quarter from last year’s P2.0 billion.

Consolidated revenues during the quarter rose by 50 percent to P14.5 billion from last year’s P9.6 billion. For the first nine months, consolidated revenues increased by 10 percent to P36.9 billion from last year’s P33.4 billion.

“The recovery momentum has started to pick up and we hope that the lowering of the alert levels especially in Metro Manila will continue until the year-end. As more people safely go out and enjoy the normal life, the better for business and our economy as a whole,” said Megaworld Chief Strategy Officer Kevin L. Tan.

The company’s real estate sales led the recovery, rising 102 percent to P9.6 billion during the third quarter of 2021 compared to P4.7 billion during the same period last year, reflecting the expansion in construction activities.

Reservation sales for the quarter came in at P17.1 billion, reflecting a 35 percent increase year-on-year. Real estate sales from January to September 2021 was also up by 21 percent to P23.1 billion from last year’s P19.1 billion.

Megaworld Hotels & Resorts also posted a 121 percent year-on-year growth in its hotel revenues to P552 million during the quarter, as the consistent performance of the company’s in-city hotels was bolstered by the opening of Kingsford Hotel, another new homegrown hotel brand, in the company’s Westside City township beside Manila Bay earlier this year.

It also reflected an increase in revenues by 9 percent to P1.3 billion for the first three quarters of the year compared to last year’s P1.2 billion.

Megaworld Premier Offices’ rental income for the quarter was almost flat at P2.9 billion, but it reflected a 7 percent improvement from the previous quarter as new lease and renewal contracts came in during the quarter. The full nine-month revenues from office leasing were also almost flat at P8.1 billion.

Megaworld Lifestyle Malls grew its rental income for the quarter by 16 percent year-on-year to P469 million. The improved performance was achieved even as the company continued to provide support to its retail partners by keeping existing rental concessions in place.