Megaworld upbeat on recovery despite 33% drop in Q1 earnings | Bilyonaryo Business News

Megaworld upbeat on recovery despite 33% drop in Q1 earnings

Megaworld Corp. is optimistic its business will recover in the coming months despite a 33 percent decline in its first quarter net income to P2.4 billion.

Bilyonaryo Andrew Tan’s property arm registered P10.11 billion in consolidated revenues, down 32.96 percent as real estate sales dipped by 38.6 percent to P5.9 billion. Reservation sales, however, slightly improved to P20.7 billion.

Rental income remained weak, declining by 26.95 percent to P3.09 billion.

Revenues from hotel operations fell by 39 percent due to continuing travel restrictions and pandemic related concerns.

Megaworld chief strategy officer Kevin Tan said the company remains upbeat about its business prospects as it saw a quarter-on-quarter growth of 10 percent, marking the third straight quarter of improvement in its core revenues.

Apart from this, the company has already renewed more than 40 percent of its expiring leases for the year, Tan said.

“With the eased restrictions and the increasing number of Filipinos getting vaccinated, we see better quarters ahead,” he said in a statement.

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