TWO LISTED developers yesterday reported mixed first-half results, with Megaworld Corp. posting a profit drop on weakened revenues, while Filinvest Land, Inc. fared better with a double-digit earnings hike.
Megaworld, the middle-income property arm of Alliance Global Group, Inc., saw its first-semester net income decline by 30.16% to P3.59 billion from P5.14 billion a year ago, a filing with the Philippine Stock Exchange showed yesterday.
Total first half revenues, comprised mostly of real estate sales and rental income, slid by 2.03% to P15.43 billion from the same period last year, while costs and expenses in the period expanded by 10.86% to P11.74 billion versus P10.59 billion, year on year.
For the second quarter alone, Megaworld’s net income plummeted by 47.83% to P2.04 billion from P3.91 billion last year, while revenues shrunk by 15.95% to P8.43 billion versus P10.03 billion in 2011.
Gotianun-led developer Filinvest Land, Inc., for its part, hiked its net income for the year’s first six months by 19.53% to P1.53 billion from last year’s P1.28 billion, fueled by an uptick in the company’s revenues that increased by 24% to P5.21 billion versus P4.19 billion in the same period last year, a separate disclosure showed.
Real estate sales grew by 28% to P3.84 billion from P2.99 billion last year, while rental income from Festival Supermall, PBCom Tower, and Northgate Cyberzone amounted to P894 million, 16% higher than P738 million in the first half of 2011.
Filinvest Land’s latest financial statement was not immediately made available.
Filinvest Land was incorporated in 1989 and, as of end-2011, held a 2,288-hectare land bank mostly in Mega Manila.
Megaworld was similarly incorporated in 1989 as Megaworld Properties and Holdings, Inc., and claims to have launched approximately 225 residential, office, and hotel units — bringing its aggregate property footprint to over 5.8 million square meters.
At present, Megaworld is developing over 40 residential and business process outsourcing projects in Metro Manila under its so-called “live-work-play-learn” philosophy.
Megaworld shares gained by 1.77% to close at P2.30 apiece yesterday, while Filinvest Land fell by 0.75% to P1.33. – F. J. G. de la Fuente
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