THE Megaworld group’s leisure estate arm Global Estate Resorts Inc. (GERI) posted a 37 percent year-on-year growth in first semester net profit to P465 million on higher earnings booked from residential property development.
GERI’s consolidated revenues for the first six months amounted to P2.86 billion, a growth of 36 percent year-on-year. This was mostly driven by the residential business, which accounted for close to 75 percent of total revenues.
“As the premiere developer of tourism estate developments in the country, GERI stands to greatly benefit from the current administration’s thrust of regional development. Our current and upcoming projects are mostly located around the metropolitan areas, which will definitely feel the impact of accelerated growth spurred by our government, especially in better infrastructure, ” said GERI president Monica Salomon.
As an indicator of future revenue growth, real estate sales of GERI rose by 39 percent year-on-year to P2.1 billion in the first half. This was attributed to strong residential sales in various estate 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.