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News Top Stories Property firm bets new projects will help achieve record profit
News Top Stories Property firm bets new projects will help achieve record profit
| Property firm bets new projects will help achieve record profit |
| Friday, 27 June 2008 12:08 | ||||||
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The publicly-listed company controlled by Andrew Tan, considered as the fourth-richest Filipino, said the projects will be located in Metro Manila without disclosing a specific location. One of Megaworld’s most popular township developments is Eastwood City in Libis, Quezon City. Besides featuring a mall, it also hosts Philippine offices of multinational companies such as Citibank and IBM. Despite record-level inflation, Tan remains optimistic of collecting as much as P26 billion in revenues this year. “Real estate remains a preferred asset class to hedge against inflation," said Tan in a press statement. The company’s direct overseas sales, which account for roughly 10 percent of total residential sales, grew by 158 percent year on year for the January to May period. For the first three months this year, Megaworld recorded its highest-ever quarterly net profit of P1.01 billion, indicating that it is on track to meet its full-year net profit target of P3.8 billion, its biggest earnings goal for nearly 20 years. Forbes magazine lists Tan as the country’s fourth richest man in the country after the Zobel-Ayala clan, Henry Sy of the SM Group and Banco de Oro, and Lucio Tan of Philippine Airlines and Philippine National Bank. Tan’s personal net worth is estimated at $1.1 billion.
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