GLOBAL-ESTATE Resorts, Inc. (GERI), the integrated leisure and tourism subsidiary of Megaworld Corp., said its net income last year jumped 50 percent to P1 billion from P667 million in 2015 on the back of strong revenue growth from its core residential businesses.
GERI’s residential businesses produced around 83 percent of total revenue last year, the company said in a disclosure to the Philippine Stock Exchange (PSE) on Monday.
Excluding non-recurring gains, GERI’s consolidated revenues in 2016 amounted to P5.66 billion, up 9 percent from P5.21billion in the previous year.
“The fast take-ups of our residential offerings in Boracay, Iloilo and Tagaytay have further gained ground in expanding our revenue pie. As we launch more residential projects this year, we expect this uptrend to continue and help us further surpass the P1-billion net income we achieved in 2016,” GERI President Monica Solomon said.
The company’s real estate sales rose 6 percent year-on-year to P4.4 billion from P4.1 billion in 2015. Rental income, meanwhile, surged 75 percent to finish at P105 million in 2016 against the P60 million recorded in 2015.
“GERI has a strong position to pursue exciting tourism-related projects and continues to be the leading developer of masterplanned integrated tourism estates in the Philippines, catering to both domestic and foreign markets,” GERI said.
Late last year, GERI opened Eastland Heights, a 640-hectare integrated lifestyle community in Antipolo, Rizal.
“The property is known for its rolling terrains on the foot of the scenic Sierra Madre Mountain Range. The expansive community will be comprised of residential villages, leisure facilities and golf courses, surrounded by lush greens and forests,” GERI said.
The company has five township developments across the country covering more than 2,000 hectares of land, including Boracay Newcoast in Boracay, Twin Lakes in Alfonso, Batangas, Southwood City on the boundaries of Carmona, Cavite and Biñan, Laguna, Sta. Barbara Heights in Iloilo, and Alabang West in Las Piñas City.
Parent Megaworld owns 82.3 percent of GERI and has taken an aggressive role in transforming GERI’s vast land bank into integrated leisure and tourism townships.