GERI nets P315M

Megaworld group’s leisure and tourism estate arm Global Estate Resorts Inc. (GERI) saw a 50-percent year-on-year jump in first quarter net profit to P315 million on higher revenues from robust residential sales.

Consolidated revenues for the first three months amounted to P1.66 billion, up by 13 percent from the same period last year as residential sales jumped to record levels, GERI disclosed to the Philippine Stock Exchange on Wednesday.

“We started the year right as we continue the sales momentum of our remaining residential inventories. In the next nine months, we hope to sustain the trajectory of our growth to new record levels as we launch more residential projects in our various developments across the country,” GERI president Monica Salomon said.

First quarter residential sales reached P1.14-billion, up by 2 percent year-on-year. The company reported brisk sale of residential projects in Boracay Newcoast in Boracay Island, Twin Lakes in Batangas near Tagaytay, Southwoods City in Cavite-Laguna boundary, Sta. Barbara Heights in Iloilo and Alabang West in Las Pinas City.

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

GERI – which is 82.3-percent owned by Megaworld Corp., tycoon Andrew Tan’s flagship company – has six integrated leisure and tourism estate developments across the country covering around 2,786 hectares of land. These are Boracay Newcoast in Boracay Island, Aklan (150 hectares); Twin Lakes in Laurel, Batangasnear 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); Alabang West in Las Piñas (62 hectares); and Eastland Heights in Antipolo (640 hectares.)