GERI profit up 47% on residential sales

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GLOBAL Estate Resorts, Inc. (GERI), a subsidiary of property firm Megaworld, on Monday said net income for the first nine months of 2017 jumped 47 percent supported by the strong performance of its residential and rental segments.

In a disclosure to the Philippine Stock Exchange, GERI said net income increased to P1.11 billion from the P754 million posted in the same period last year.

It said net income attributable to parent company’s shareholders increased 70 percent to P1.13 billion compared to P666 million a year ago.

Consolidated revenues advanced 11 percent to P4.89 billion from P4.41 billion in the same period in 2016.

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Revenues from its residential segment grew 12 percent to P4.27 billion, while rental revenue surged 28 percent to P83 million from P65 million last year, GERI said.

“We are on track in our goal to complete all of our residential projects on time 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,” said Monica Salomon, GERI president.

She added the firm sees potential in its latest property, the Southwoods Mall, noting this would serve as the go-to mall of people in Laguna as it offers shopping, dining, entertainment, and leisure experience.

“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,” Salomon said.

Aside from Southwoods City, GERI currently has four more integrated tourism developments around the country: Alabang West in Las Piñas City (62 hectares); Twin Lakes near Tagaytay (1,200 hectares); Boracay Newcoast in Boracay Island (150 hectares); Sta. Barbara Heights in Iloilo (173 hectares); and Eastland Heights in Antipolo, Rizal (640 hectares.)

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