GERI’s first half net profit up 70% to P339 million

MEGAWORLD’s leisure estate arm Global-Estate Resorts Inc. (GERI) reported a 69.6 percent year-on-year growth in first semester net profit to P339 million as the property developer unlocked more revenues from its townside projects.

Consolidated revenues for the first six months amounted to P2.1-billion, marking a growth of 49.9-percent year-on-year, the company said in a press statement on Thursday.

Aggressive real estate sales became the biggest contributor to the company’s soaring growth in the first half of the year, which accounted for about 73 percent of the consolidated revenues, GERI reported.

Real estate revenues grew by 60.4-percent year-on-year to P1.5-billion in the first half, attributed to strong residential sales in various projects, particularly: Boracay Newcoast in Boracay Island; Sta. Barbara Heights in Iloilo; Twin Lakes in Batangas; Southwoods City in Cavite-Laguna area; and Alabang West in Las Pinas City.

“Just a year after its consolidation into the Megaworld Group, GERI is now experiencing bullish and remarkable growth across business segments. We expect to continue the momentum of our strong performance in the coming years because of GERI’s expansive land bank that are still in the pipeline for future development,” GERI president Monica Salomon said.

To date, GERI is developing five leisure and tourism townships across the country covering around 2,146 hectares of land in Boracay, Batangas, Cavite, Laguna, Iloilo and Alabang.