GERI posts 14% growth in bottom line

Leisure estate developer Global-Estate Resorts Inc. (Geri), a subsidiary of Megaworld, grew net profit attributable to equity holder of parent firm in the first nine months by 14 percent year-on-year to P1.29 billion on higher earnings from rental portfolio and residential development.

Geri’s consolidated revenue hit P5.25 billion in the first nine months, up 7 percent from year-ago level.

Its rental income in the nine-month period reached P294 million, up 253 percent from a year ago.

“This is another banner year for our leasing operations. We thank our regular patrons in Southwoods Mall in Laguna because revenues from our mall operations here pulled up our rental income during the period,” Geri president Monica Salomon said in a statement.

Residential operations posted a 7-percent growth to P4.43 billion. —DORIS DUMLAO-ABADILLA