MANILA - Andrew Tan-led Megaworld Corp. reported a 5% growth in profits for the first 9 months of the year on the back of strong real estate sales and rental income.

In a disclosure to the Philippine Stock Exchange on Friday, Megaworld said its net income reached P3 billion during the 9-month period from last year's P2.86 billion.

"Megaworld's continued growth in terms of revenues and net income can be attributed to the innovative and strategic master-planned communities that we have built in the last few years," Megaworld First Vice President/Treasurer Francis Canuto said.

Consolidated revenues amounted to P12.92 billion as of end-September, slightly higher than the P12.48 billion recorded in the same period last year. Real estate sales contributed P9.09 billion to the total.

Meanwhile, rental income from its business process outsourcing (BPO) office and retail developments hit a high of P1.42 billion, up by 41% year-on-year.

Megaworld is one of the country's largest residential condominium developers and BPO office landlords. The company pioneered the development communities that fit a "live-work-play-learn" mold.

To date, Megaworld has 5 townships within Metro Manila, as well as stand-alone projects in the Makati central business district.

The company recently entered into a joint venture agreement with the Bases Conversion Development Authority (BCDA) for an 8.38-hectare property in Fort Bonifacio.

“We are looking to another record breaking year with better financial results over last year,” Canuto said.