GERI earnings jump 27% to P399 million

Published May 15, 2018, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Global Estate Resorts, Inc. (GERI), Megaworld’s subsidiary that develops integrated tourism and leisure estates, has sustained its growth momentum with first quarter earnings rising 27 percent to P399 million from P315 million during the same period last year.

In a disclosure to the Philippine Stock Exchange, GERI said its attributable net income ended at P407 million, up 25 percent from P326 million during the same period last year.

Consolidated revenues for the first quarter of 2018 amounted to P1.66 billion, which tallies similarly from its output during the same period last year.

GERI’s rental income for the first three months of the year tripled to P87 million from P27 million during the same period in 2017 as the company opened Southwoods Mall, its first full‐scale mall, in Biñan, Laguna.

“We remain focused to our goal of reaching P650 million in recurring revenues by 2020. In the next two years, we are opening more commercial and retail spaces across our tourism and leisure townships across the country in order to achieve this goal,” said GERI President Monica Salomon.

Late last year, GERI launched its second “integrated lifestyle community,” the 300-hectare The Hamptons Caliraya, in Lumban-Cavinti, Laguna.

The community will have lakeside residential villages and villas, a town center, a Marina Club and two 18-hole golf courses and clubhouse.