Megaworld Corporation, the property development unit of tycoon Andrew Tan, registered a 12 percent gain in net income to P2.24 billion for the first half of 2010 primarily due to the continued strength of its real estate sales and rental income.

In a disclosure to the Philippine Stock Exchange, the firm said it remains in a net cash position, with cash and cash equivalents totaling P20.85 billion as of the end of June 2010.

First half 2010 consolidated revenues amounted to P9.29 billion, up 6 percent from P8.73 billion in the same period last year. Real estate sales contributed P6.10 billion from P6.06 billion a year ago.

Megaworld currently has 6 ongoing projects within Metro Manila and several residential developments within the Makati Central Business District.

Rental income from its BPO office and retail developments grew to P1.28 billion in the first half of the year, up by a hefty 36 percent from P939.72 million in the same period last year.

Megaworld is acknowledged as the leader in office development and is currently the largest BPO office landlord. By the end of 2010, the company would have close to 385,000 square meters of office space in its portfolio.

The firm also has projects that have yet to be launched in Iloilo and Cebu. In the last year, it also acquired land in North Bonifacio and JUSMAG, thus making it the largest landowner in Fort Bonifacio.

“We remain optimistic about the prospects of the property industry. Our new project launches, specially those in McKinley Hill and Newport City, have been selling quite well. We are definitely on track to meeting our sales targets for the year. Our BPO buildings have, likewise, been the location of choice for top-name BPO companies,” said Megaworld Executive Director Kingson Sian.

Sian added that “our optimism, coupled with our strong financial position, will enable us to further carry out our plans of building better communities that will change the property landscape.”