Megaworld unit posts P667-M net income

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Global-Estate Resorts Inc., a subsidiary of Megaworld Corp. reported on Thursday a 39 percent increase in net income to P667 million last year from P479 million in 2014.

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In a disclosure to the Philippine Stock Exchange, GERI said real estate sales doubled to P4.14 billion from P2.05 billion in the same comparable period. This was mainly driven by the fast take-ups of residential properties in Alabang West and Boracay Newcoast.

GERI president Monica Salomon attributed the firm’s growth to strategic landbanking.

“Certainly, the residential business continues to be strong for GERI as we maintain the momentum of growth for the company, Salomon said.”Our key strength is our scalable and strategic landbank – the benefits of which are evident in our bullish performance during the past years.”

Consolidated revenues, which exclude non-recurring gains, amounted to P5.21 billion, a 75 percent jump from P2.98 billion.

“The company’s remarkable growth was spurred by its residential business, which contributes around 80 percent of consolidated revenues,” GERI said.

“This 2016, we look forward to more residential and commercial offerings in our various tourism and leisure estates across the country,” Salomon noted.

GERI is Megaworld’s leisure and tourism development arm, in which the parent owns 82 percent.

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