Megaworld’s Q1 performance marks full recovery from pandemic

MEGAWORLD posted a net income of P4.6 billion in the first quarter of this year, surpassing its quarterly performance during the pre-pandemic levels for the very first time.

This figure was up 30 percent from P3.5 billion during the same period last year as all core businesses registered strong topline growth.

Consolidated revenues grew by 24 percent to P16.2 billion. The company’s performance in the first quarter of 2023 marks its full recovery from its pre-pandemic performance.

Consolidated revenues and net income are already nine percent and 11 percent higher, respectively, compared to the first quarter of 2019. Likewise, net income attributable to the parent company’s shareholders stood at P4.1 billion and grew by 33 percent compared to the same period last year.

Real estate sales for the quarter grew by 17 percent year-on-year to P9.4 billion.

Leasing revenues, on the other hand, grew by 18 percent to P4.4 billion with the growth led by the performance of the mall segment. (PR)