Global Estate Resorts Inc. (GERI), a subsidiary of property giant Megaworld Corp., posted a 50.85-percent increase in net income in the first three months of the year at P209 million from P139 million a year earlier.
Real estate sales more than doubled at P1.12 billion from the P554 million in the same comparable period, up 102.79 percent, GERI said in a statement.
“This is attributed to strong residential sales in various residential projects, particularly in Boracay Newcoast in Aklan, Sta. Barbara Heights in Iloilo, Twin Lakes in Tagaytay, Southwoods City in Cavite-Laguna, and Alabang West in Las Piñas City.”
Consolidated revenue increased by 65.23 percent at P1.46 billion from P885 million, driven by strong residential sales and higher income from the hotel business.
“The start of the year has been impressive thus far, and we look forward to the rest of 2016 as we see a continuing momentum in our growth until year-end,” said GERI president Monica Salomon.
“Our goal is to expand to other key growth areas around the country, capitalizing on our strategic and scalable land bank all over the Philippines,” she said.
Megaworld owns 82 percent of the integrated leisure and tourism township development firm.
To date, GERI has five integrated leisure and tourism township developments across the country, covering around 2,146 hectares.
These include Boracay Newcoast in Boracay Island, Aklan (150 hectares); Twin Lakes in Laurel, Batangas near Tagaytay (1,200 hectares); Southwoods City on the boundaries of Carmona, Cavite, and Biñan, Laguna (561 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); and Alabang West in Las Piñas (62 hectares). Catherine Talavera