Thursday, June 19, 2014

Q1 growth for Megaworld & Vista Land

In the first quarter of 2014, Megaworld Corp and Vista Land Lifescapes reported profit growth of 11 and 49 percent respectively. 

Megaworld is attributing this growth to strong residential sales in its various townships, particularly in Newport City, Uptown Bonifacio, McKinley Hill and Eastwood City; and higher leasing income from its office and retail portfolio.

According to Vista Land chairman, Manuel Villar, in the first quarter of 2014, Vista Land’s reservation sales are close to P13 billion and revenue climbed 12 percent from P4.9 billion to P5.4 billion. 

Villar says they should have no problem achieving their full year targets. Megaworld Corp also posted a huge growth in profits: the first quarter of 2013 made them P1.81 billion, but this year's first quarter yielded a staggering P2.69 billion. 

Megaworld is attributing this growth to strong residential sales in its various townships, particularly in Newport City, Uptown Bonifacio, McKinley Hill and Eastwood City; and higher leasing income from its office and retail portfolio. 

Compared to the same period last year, Megaworld's income from rentals of office developments and malls rose from P1.39 billion to a record P1.7 billion this year. Reservation sales also showed strong growth, growing by nine percent to P19.6 billion. 

Including its subsidiaries Suntrust Properties and Empire East Land Holdings, the company's total revenue for the first quarter jolted forward 22 percent: revenue in the first quarter of 2013 was listed at P8.15 billion, while this year it reached P9.94 billion. 


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