GERI nets P209M

MEGAWORLD group’s tourism estate arm Global Estate Resorts Inc. (GERI) boosted its first quarter net profit by 50.84 percent year-on-year to P209 million, driven by earnings from residential development and hotel operations.

Consolidated revenues for the first three months of 2016 amounted to P1.46-billion, up by 65.23 percent from the previous year, GERI disclosed to the Philippine Stock Exchange on Wednesday.

“The start of the year has been impressive thus far and we look forward to the rest of 2016 as we see a continuing momentum in our growth until year-end,” said GERI president Monica Salomon.

Real estate sales rose by 102.79 percent year-on-year to P1.12-billion. This was attributed to strong residential sales in various residential projects, particularly in Boracay Newcoast in Aklan, Sta. Barbara Heights in Iloilo, Twin Lakes in Tagaytay, Southwoods City in Cavite-Laguna, and Alabang West in Las Pinas City.

“Our goal is to expand to other key growth areas around the country, capitalizing on our strategic and scalable land bank all over the Philippines,” said Salomon.

GERI is developing five integrated leisure and tourism estate developments across the country covering around 2,146 hectares of land. These are Boracay Newcoast in Boracay Island, Aklan (150 hectares); Twin Lakes in Laurel, Batangas near Tagaytay (1,200 hectares); Southwoods City on the boundaries of Carmona, Cavite, and Biñan, Laguna (561 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); and Alabang West in Las Piñas (62 hectares).

Megaworld, which owns 82.3-percent of GERI, has taken an aggressive role in transforming the latter’s vast land bank into integrated urban townships, a concept that Megaworld pioneered in the Philippines.