Megaworld Corporation, the flagship real estate unit of tycoon Andrew Tan, posted a 5 percent growth in net income to P3 billion for the first nine months of 2009 from P2.86 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said the profits grew owing primarily to the continued strength of its real estate sales and rental income.

“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,” said Megaworld treasurer Francis Canuto.

He noted that “our results in the first nine-month of the year clearly show that our strategies have succeeded in this challenging global business landscape.”

Consolidated revenues amounted to P12.92 billion, slightly higher from P12.48 billion in the first three quarters last year.

Real estate sales contributed P9.09 billion while rental income from its BPO office and retail developments hit a high of P1.42 billion, up 41 percent from P1.0 billion year on year.

Megaworld is the largest residential condominium developer and BPO office landlord in the Philippines. It pioneered the development of community townships that fit a “live-work-play-learn” mold.