Tycoon Andrew Tan-led Megaworld Corp. saw a 45-percent drop in attributable net profit last year to P9.9 billion as the COVID-19 pandemic weighed down its residential development, shopping mall and hotel businesses.
The resilient office business, however, mitigated the overall impact of the pandemic as this segment delivered revenues of P10.4 billion, matching the level seen in 2019 when COVID-19 had yet to bring chaos to the global economy.
Despite all the mobility restrictions, Megaworld was able to close deals for new office leases last year. It announced 135,000 square meters of fresh office space inventory were leased out in the company’s townships in Iloilo, Quezon City, and …
Keep on reading: Megaworld suffers 45% decline in profits