GERI posts record P1.7-B profit

Published April 14, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Global-Estate Resorts, Inc. (GERI), the integrated tourism and leisure subsidiary of Megaworld Corporation, reported a 14 percent growth in net income to a record high of P1.7 billion in 2018 from the P1.5 billion earned in 2017.

GERI logo

In a statement, the firm said attributable net income reached P1.5 billion in 2018, up 3 percent from the previous year’s P1.5 billion.

GERI said its robust income was heavily supported by real estate sales, which rose 21 percent to P6.4 billion in 2018 from P5.3 billion the previous year.

The company launched more residential inventories in Twin Lakes and Boracay Newcoast as well as in its Renaissance property in Pasig City last year.

The Pasig project called The Fifth is a two-tower condominium development that is expected to raise at least P8 billion in residential sales.

“At the heart of GERI’s continuous growth since being consolidated under the Megaworld Group is its expansive land bank, which the company has utilized to develop townships and integrated lifestyle communities that are centered on tourism and leisure,” said GERI President Monica Salomon.

She added that, “to date, we still have more land to develop, allowing us to explore new opportunities in tourism developments.”

Revenues from the company’s rental businesses jumped 165 percent to P427 million in 2018 from the previous year’s P161 million.

For the first time, GERI was able to see full-year revenues from its biggest mall to date, Southwoods Mall, in its 561-hectare Southwoods City township in Biñan, Laguna. It also opened its first two office towers in Southwoods City last year.

Besides the Southwoods City township, GERI has four other tourism estates and two integrated lifestyle communities across the country covering more than 3,000 hectares of land.