Manila Times
Wednesday, November 16, 2005
Megaworld net up on home sales
STRONG residential unit sales, including those in its
The company and its subsidiaries posted a 31-percent increase in net income in the first nine months to P740.49 million from last year's P564.11 million. Its third-quarter performance also improved by 7.46 percent to P221.62 million this year from P165.24 million last year.
Megaworld's consolidated revenues increased by 24 percent to P3.86 billion in 2005 from P3.11 billion in the same period last year. In the third quarter, the company reported an increase of 9.42 percent to P1.39 billion in 2005 from P1.31 billion in 2004.
An estimated 70 percent, or P2.68 billion of the company's revenues came from the sale of residential units. Residential unit sales were up by 34 percent from P2 billion.
The company's real-estate sales came from Eastwood City projects, Grand Eastwood Palazzo, Eastwood Excelsior, One Orchard Road One and Eastwood Parkview; Forbeswood Heights in Fort Bonifacio; and Paseo Parkview, Greenbelt Radissons and Greenbelt Parkplace in Makati City.
The remaining 30 percent of revenues, amounting to P1.17 billion, came from rental, interest and other income.
Meanwhile, operating expenses and other charges increased by 5 percent to P1.28 billion from P1.22 billion last year. The company attributed the hike to increased marketing and selling expenses due to its aggressive promotions and other administrative and overhead expenses.
Empire East profit down slightly
Its subsidiary, Empire East Land Holdings Inc., posted a slight increase in its net income for the first nine months to P80.32 million this year from P56.43 million last year.
For the third quarter, the company posted a 5.28-percent decline in its net income to P29.78 million in 2005 from P10.96 million in 2004.
--Cai U. Ordinario
No comments:
Post a Comment