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Megaworld unit profit up 50% on homebuyers’ Boracay binge

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Megaworld unit profit up 50% on homebuyers’ Boracay binge

/ 01:02 AM April 11, 2017

Megaworld Corp.’s leisure and tourism-focused brand, Global-Estate Resorts Inc. (Geri), saw robust earnings last year as buyers snapped up vacation homes in Boracay and Tagaytay.

Geri said in a stock exchange filing that profit for the full-year 2016 jumped 50 percent to P1 billion, when taking out an P82 million nonrecurring gain. Total revenues last year hit P5.66 billion, up 9
percent.

Geri and Megaworld are controlled by billionaire Andrew Tan.

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According to the regulatory filing, Geri’s core residential business delivered around 83 percent of all revenues.

Real estate sales last year rose 6 percent to P4.4 billion. Geri’s rental income, meanwhile, surged 75 percent to P105 million.

“The fast take-ups of our residential offerings in Boracay, Iloilo and Tagaytay have further gained ground in expanding our revenue pie,” Geri president Monica Salomon said in a statement.

“As we launch more residential projects this year, we expect this uptrend to continue, and help us further surpass the P1-billion net income we achieved in 2016,” she added.

Late last year, Geri launched Eastland Heights, a 640-hectare “integrated lifestyle community” in Antipolo, Rizal.

Geri also has five township developments across the country covering around more than 2,000 hectares. These include: Boracay Newcoast in Boracay Island, Aklan (150 hectares); Twin Lakes in Alfonso, Batangas near Tagaytay (1,200 hectares); Southwoods City on the boundaries of Carmona in Cavite and Biñan in Laguna (561 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); and Alabang West in Las Piñas
(62 hectares).

Megaworld currently owns an 82.3-percent stake in Geri. —MIGUEL R. CAMUS

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TAGS: Boracay, Business, Global-Estate Resorts Inc. (Geri), Megaworld Corp., Tagaytay
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