Tycoon Andrew Tan-led leisure estate development arm Global-Estate Resorts Inc. (Geri) grew its net profit attributable to parent company’s shareholders by 18 percent year-on-year to P814 million on higher rental and residential development revenues.
Including earnings attributable to minority interest, Geri’s net profit amounted to P794 million compared to P670 million in the same period last year.
Consolidated revenue hit P3.3 billion in the first six months, up by 5 percent during the same period last year.
The growth was attributed to record performance of its rental business, following the launch of its first full-scale mall, the Southwoods Mall, in September last year. The first semester performance was also boosted by revenues coming from continued completion of its residential projects.
Geri’s rental revenues soared by 218 percent year-on-year during the first half to reach P177 million.
Its rental business is mostly comprised of retail space leasing from the various malls and retail concepts pioneered by its parent company, Megaworld Corp.
“We are gearing up to launch more lifestyle malls and retail concepts in the coming years,” Geri president Monica Salomon said in a press statement on Tuesday.
Geri earlier announced that it is targeting to breach P650 million in annual rental income by 2020.
Meanwhile, residential development-related revenues rose 8 percent year-on-year to P2.8 billion. The company has been expanding its residential portfolio in various key markets in Las Piñas City, Rizal, Cavite, Laguna, Batangas, Iloilo and Boracay.
Geri has seven tourism townships and integrated lifestyle communities, including Hamptons Caliraya in Laguna and Eastland Heights in Rizal.