LISTED property developer Megaworld Corp. said its net profit for 2007 rose 48 percent to P3.01 billion from P2.04 billion a year earlier.

Growth was bolstered by a 56-percent jump in revenues from P9.37 billion to P14.64 billion in the same comparable period.

“2007 was a great year for us as we hit our highest ever net income in our 19-year history,” said chairman Andrew Tan. “[Despite]… a challenging business environment in 2008, we expect Megaworld to sustain… growth [in] all our business segments.

Real-estate sales breached the P10-billion mark—a record for the company—with P10.61 billion, or 72 percent over P6.16 billion.

“Filipinos have realized that condominium living, especially in our live-work-play developments, is the preferred choice for urban dwellers,” said Tan.

Rental revenues from both BPO office and retail buildings contributed P931.88 million from the P707.32 million.

Megaworld, whose shares are traded on the stock exchange, said it would continue to invest in building its rental income portfolio within the various communities under its live-work-play concept of development.

“The Philippine market remains… resilient and offers vast opportunities for Megaworld to grow its business. We are confident that in 2008 we will continue our growth path and end the year with another record profitability,” said Tan.

BELTON Communities Inc., the affordable housing arm of listed Eton Properties Philippines Inc., would intensify the sale of its products to non-US overseas Filipino workers (OFW) in light of a slowdown in the US economy.

Megaworld 2007 net profit up 48% to P3.01B

LISTED property developer Megaworld Corp. said its net profit for 2007 rose 48 percent to P3.01 billion from P2.04 billion a year earlier.

GLOBE Telecom said the 2007 policy of the National Telecommunications Commission (NTC)—mandating the development of reference access offers, or RAO—and its proposed implementing guidelines may be illegal in the absence of a law which justifies the basis to issue these documents.

SAMSUNG Electronics aims to double its share of the mobile-phone market in the Philippines to 25 percent this year and has launched 18 new-handset models that include one at P2,200—the lowest price point in the market today.

US-based printing solutions giant Lexmark has reiterated its long-term commitment to its operations in Cebu City with the construction of two buildings at the Cebu Business Park.

GMA Network Inc. is a rare listed company.  It declares dividends not out of surplus in prior years but out of retained earnings plus net profit in current year, which refers to the year when dividends are declared.