GERI, Cebu Landmasters post higher income

MANILA, Philippines — Two property companies reported  a big jump in their earnings in the first nine months.

Global-Estate Resorts Inc. (GERI), a subsidiary of property giant Megaworld, posted a net income of P1.13 billion, up 70 percent  from  P666 million.

Consolidated revenues reached P4.89 billion or an increase of 11 percent.

GERI president Monica Salomon said strong residential and rental businesses boosted growth.

“We are on track in our goal to complete all of our residential projects on-time so that we can achieve zero backlog in the turnover of units. With this, we do not only satisfy the timeline of our customers, but also recognize profits because of construction progress,” Salomon said.

Cebu Landmasters Inc. (CLI), meanwhile, reported a 105 percent hike in net income to P940 million, putting it on track to surpass its P1.2 billion net income target.

The listed developer attributed the strong performance to a 68 percent jump in real estate revenues to P2.74 billion.

Reservation sales from January to September reached P3.66 billion or 26 percent more than the P2.9 billion registered last year.

“We’re very pleased with our company’s performance this year, but we still have more projects to launch for the balance of the 2017,” CLI president and chief executive officer Jose Soberano III said.