GERI income up 70% on robust sales, rent
Global-Estate Resorts Inc. (GERI), the leisure estate arm of property developer Megaworld, grew its net profit by 70 percent to P1.13 billion at end-September on higher revenues from the residential and rental businesses.
Including interest attributable to minority equity holders, net profit in the nine-month period rose by 47 percent year-on-year to P1.11 billion, GERI disclosed to the Philippine Stock Exchange on Monday.
GERI’s consolidated revenues reached P4.89 billion during the three quarters, up by 11 percent year-on-year.
“We are on track in our goal to complete all of our residential projects … so that we can achieve zero backlog in the turnover of units. With this, we do not only satisfy the timeline of our customers, but also recognize profits because of construction progress,” GERI president Monica Salomon said in a press statement.
GERI’s residential segment posted a 12-percent growth to P4.27-billion during the same period this year.
From only P65 million in the first three quarters of 2016, GERI’s rental income also grew by 28 percent year-on-year to reach P83 million.
“The recent opening of Southwoods Mall in Laguna was a milestone for us. We have seen thousands of people lining up during our opening day. This new mall is certainly going to be a ‘go-to’ destination in the south being the first big mall to rise after Alabang along SLEx,” Salomon said.
Situated within GERI’s 561-hectare Southwoods City in the boundaries of Biñan, Laguna and Carmona, Cavite, Southwoods Malls offers 58,000 square meters of shopping, dining, entertainment and leisure space.
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