GERI net profit surged in 2014 on higher sales
Leisure estate developer Global-Estate Resorts Inc. (GERI), a subsidiary of tycoon Andrew Tan’s Megaworld Corp., saw profits surge in 2014 on higher sales and a one-time gain, a statement on Wednesday showed.
Removing the non-recurring gain, GERI said net income in 2014 was still up 41 percent to P480 million.
Total revenues of GERI in 2014 almost doubled last year—from P1.71 billion in 2013 to P3.36 billion, or a growth of around 97 percent year-on-year.
This was attributed to real estate sales amounting to P2.04 billion, up 139 percent from P856 million in 2013, from residential projects in Southwoods City and Alabang West.
Last year, the company launched five projects: Pahara at Southwoods and Holland Park Tower 1 in Southwoods City; Alabang West Village; The Vineyard Residences – Shiraz Tower in Twin Lakes; and Sta. Barbara Heights Phase III in Iloilo.
“GERI has again raised the bar by achieving another banner year. This year will be another exciting year for GERI and we expect continuing growth in the company’s revenues as we launch more projects in the coming years,” Lailani Villanueva, GERI chief finance officer, said in a statement.
GERI has five major developments in the country.
These are Boracay Newcoast in Boracay Island (150 hectares); Twin Lakes in Laurel, Batangas near Tagaytay (1,300 hectares); Southwoods City on the boundaries of Carmona, Cavite, and Biñan, Laguna (561 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (170 hectares); and Alabang West (62 hectares).
In May last year, Megaworld announced the purchase of the 49.2-percent stake of Tan’s Alliance Global Group Inc. (AGI) in GERI for P10.43 billion.
Today, Megaworld owns 80 percent of GERI and it has taken an aggressive role in transforming GERI’s vast land bank into integrated urban townships, the concept that Megaworld pioneered in the Philippines.
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