MANILA — Listed property developer Megaworld Corporation reported a 6 percent increase in net income in the first quarter, driven by continued strength in its core business segments.

In a report, the company posted net income of PHP6.2 billion, up from PHP5.8 billion in the same period last year. Consolidated revenues also rose to PHP21.6 billion from PHP20.9 billion.

Leasing revenues grew 6 percent to PHP5.6 billion, supported by strong performance in lifestyle malls, which recorded the fastest growth at 9 percent to PHP1.8 billion due to sustained consumer spending and tenant expansion. Office leasing revenues increased 4 percent to PHP3.8 billion.

Megaworld Hotels & Resorts posted an 8 percent revenue increase to PHP1.5 billion, driven by higher room rates and stronger demand from meetings, incentives, conferences, and exhibitions (MICE).

“Our first quarter results reflect the compounding strength of our recurring income base, as well as the company’s financial prudence in maintaining a healthy balance sheet amid geopolitical uncertainties weighing on global markets,” Megaworld chief executive officer Lourdes Gutierrez-Alfonso said in a regulatory filing.

“Financial discipline has always been at the center of Megaworld’s corporate governance,” she added.

The company aims to reach 3 million square meters of gross leasable area (GLA) by 2030, including 2 million square meters of office space and 1 million square meters of retail space.

Megaworld has allocated PHP65 billion in capital expenditures for the year, mainly for land acquisition, land banking, and ongoing project development, alongside plans to launch 19 residential projects.

Its portfolio includes residential condominiums, subdivision lots, townhouses, office buildings, retail developments, and hotel operations. Its subsidiaries include Richmonde Hotel Group International Limited, Eastwood Cyber One Corp., Empire East Land Holdings Inc., Global-Estate Resorts Inc., and Bonifacio West Development Corp.