Tycoon Andrew Tan's township developer Megaworld Corporation reported a 16 percent growth in net income to ₱5.83 billion in the first quarter of the year as its growing focus on the provinces helped the performance of all of its core businesses. In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues expanded by 11 percent to ₱20.93 billion, driven by solid contributions from all of the company's core businesses: residential, leasing, and hotel operations. "This strong start to the year is a reflection of our clear strategy and the strength of our diversified portfolio," said Megaworld President Lourdes Gutierrez-Alfonso. She added that, "All of our core businesses - residential, office, malls, and hotels - grew during the first quarter. More than half of our township developments are in the provinces, and the opportunity for expansion and growth is there."