Megaworld unit posts 50% growth in net income

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

Consolidated revenue for the first three months hit P1.66 billion, up by 13 percent from year-ago figures as residential sales jumped to record levels, Geri told the Philippine Stock Exchange yesterday.

“We started the year right. 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 2 percent year-on-year. The company reported brisk sale of residential projects in Boracay Newcoast on Boracay Island, Twin Lakes in Batangas near Tagaytay, Southwoods City in Cavite-Laguna boundary, Sta. Barbara Heights in Iloilo and Alabang West in Las Piñas City.

“Our long-term goal is to further expand to other key growth areas around the country,” 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 covering around 2,786 hectares of land. These are Boracay Newcoast on 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); Alabang West in Las Piñas (62 hectares), and Eastland Heights in Antipolo (640 hectares).—DORIS DUMLAO-ABADILLA