Megaworld Reports Net Income of ₱2.2 Billion in Q3

Megaworld (MEG) reported a net income of ₱2.2 billion for the third quarter of the year, showing positive growth of 7% from the previous quarter for the first time this year.

MEG reported revenue of ₱9.5 billion, a 9% increase from ₱8.7 billion in the second quarter.

For the period of January-September, MEG reported a net income of ₱8.1 billion, a 40% drop from ₱13.7 billion for the same period in 2019. Consolidated revenue for the period is reported to be ₱33.3 billion, a 30% drop year-on-year from ₱48.1 billion.

Kevin Tan, Megaworld chief strategy officer, said “We are seeing a lot of optimism now as we have begun the recovery of our mall business, and our office leasing business continues its growth,”

Megaworld said in a statement “Megaworld Lifestyle Malls also more than doubled its revenues during the third quarter compared to the previous quarter as relaxed lockdown protocols allowed people to start shopping and dining in malls,”

Source: ABS-CBN