GERI Q1 net income surges 50% to P315M

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GLOBAL Estate Resorts Inc. (GERI), the integrated leisure and tourism subsidiary of Megaworld Corp., said on Wednesday its net income for the first quarter of the year soared 50 percent to P315 million from last year’s P209 million led by strong residential sales. Consolidated revenues amounted to P1.66 billion, up 13 percent from a year ago, the company told the Philippine Stock Exchange (PSE). GERI said residential sales grew 2 percent to P1.14 billion this quarter, on the strong take-up of its residential projects in Boracay, Batangas, Southwoods City at the Cavite-Laguna boundary, Iloilo, and Las Pinas City. Late last year, it also introduced its 640-hectare Eastland Heights integrated community project in Antipolo, Rizal.

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