GLOBAL-ESTATE Resorts Inc. (GERI), the integrated leisure and tourism development subsidiary of property giant Megaworld Corp., said net income in the first half grew 69.9 percent from a year ago fueled by brisk real estate sales.
GERI posted net income of P339 million for the first half, up from the P200 million recorded in the same period last year.
Consolidated revenues for the first six months amounted to P2.1 billion, 50 percent higher than last year’s P1.41 billion.
The company said earnings growth in the period was mainly driven by aggressive real estate sales, which accounted for about 73 percent of the consolidated revenue.
Real estate sales were up 60.4 percent at P1.5 billion, thanks to strong residential sales in various projects such as Boracay Newcoast, Sta. Barbara Heights, Twin Lakes, Southwoods City and Alabang West.
GERI President Monica Salomon expressed confidence in the firm’s outlook just after a year since it has been consolidated with Megaworld, and looks forward to sustaining its bullish performance.
“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,” said Salomon.
Global-Estate Resorts Inc. was formerly owned by Alliance Global Group Inc. until its consolidation with Megaworld Corp. in 2014.
To date, GERI is developing five leisure and tourism townships across the country covering around 2,146 hectares of land. These developments can be found in Boracay, Batangas, Cavite, Iloilo and Alabang in Metro Manila.