GERI’s first half profits soar 44% to P670M
August 8, 2017
Profits buoyed by robust residential sales during the period
First half earnings of Global-Estate Resorts, Inc. (GERI), a subsidiary brand of property giant Megaworld, soared to a record P670-million in the first six months of 2017, up 44% from P465-million during the same period last year.
Net income attributable to parent company’s shareholders posted a 74% growth from P396-million in the first six months of 2016 to P691-million during the same period this year.
GERI’s consolidated revenues reached P3.2-billion during the first half of 2017, up 11% from P2.9-billion during the same period the previous year.
The remarkable growth of GERI, the Philippines’ largest developer of integrated tourism estates, is attributed to its strong residential sales during the period as the company continuously expands its residential portfolio across tourism estates around the country.
GERI’s residential business, comprised of all residential-related revenues, posted a 11% growth from P2.4-billion in the first two quarters of 2016 to P2.6-billion during the same period this year.
“We have been working hard to expedite the construction of all the projects we have sold during the past three years in order to assure our clients and investors that the projects will be turned over on-time. Our goal is to achieve a zero backlog,” says Monica Salomon, president, GERI.
As residential sales continue to grow strong, GERI also recorded excellent growth in its rental business during the period. From P39-million in the first half of 2016, GERI’s rental income grew 44% to P56-million during the same period this year.
“We are very much on-track to achieve the P150-million rental income target by the end of this year. This year, we are opening new malls and commercial developments as well as hotels in Boracay Newcoast, Southwoods City and Twin Lakes,” explains Salomon.
Late last year, GERI introduced its first ‘integrated lifestyle community,’ called Eastland Heights in Antipolo, Rizal.
The 640-hectare development will have expansive residential developments surrounded by a golf course and natural amenities such as tree parks and forests. It will also have commercial and retail components as well as leisure and recreational facilities within the community.
“We have more land to develop and they all have a huge potential for our concept of an integrated lifestyle community. This is where we are leading to,” reveals Salomon.