Leisure estate developer Global‐Estate Resorts Inc. chalked up P691 million in net profit in the first semester, up by 74 percent year-on-year, on strong revenues unlocked from residential projects in its tourism estates.
Consolidated revenues of the Megaworld subsidiary reached P3.2 billion during the first half, rising by 11 percent during the same period the previous year.
The growth in net profits attributable to equity holders of parent firm was driven by strong residential sales as the company expanded its residential portfolio across tourism estates around the country.
The residential business posted an 11 percent year-on-year in revenues during the first semester to P2.6 billion.
“We have been working hard to expedite the construction of all the projects we have sold during the past three years in order to assure our clients and investors that the projects will be turned over on‐time. Our goal is to achieve a zero backlog,” GERI president Monica Salomon said in a press statement on Tuesday.
As residential sales continue to grow strong, GERI also grew its rental business during the six-month period by 44 percent year-on-year to P56 million.
“We are very much on track to achieve the P150 million rental income target by the end of this year. This year, we are opening new malls and commercial developments as well as hotels in Boracay Newcoast, Southwoods City and Twin Lakes,” said Salomon.
Late last year, GERI introduced its first ‘integrated lifestyle community,’ called Eastland Heights in Antipolo, Rizal, a 640-hectare development. GERI currently has four other tourism townships: Alabang West in Las Piñas City (62 hectares); Twin Lakes in Tagaytay (1,200 hectares); Boracay Newcoast in Boracay Island (150 hectares); Sta. Barbara Heights in Iloilo (173 hectares).