GERI earns P754 M, up 41% in 9 months

MANILA, Philippines - Global-Estate Resorts Inc. (GERI) grew its net income by 41 percent to P754 million in the nine months to September.

Total revenues rose 15 percent year-on-year from P3.8 billion a year ago.

“This notable growth was imputed by its residential arm which drove 77 percent of total revenues,” the company disclosed yesterday.

Real estate sales expanded by 12 percent to P3.4-billion, mainly coming from the company’s five tourism and leisure townships, which collectively span 2,146 hectares of land.

These include the 150-hectare Boracay Newcoast in Aklan, the 173-hectare Sta. Barbara Heights in Iloilo, the 1,200 hectare Twin Lakes in Tagaytay, the 561-hectare Southwoods City in Cavite, Laguna and the 62-hextare Alabang West in Las Piñas City.

Earlier this year, the company launched four residential projects, particularly in Twin Lakes near Tagaytay. These include the three residential towers of The Manor with around 380 units and Lucerne at Domaine Le Jardin with about 320 lots. These projects are estimated to generate around P3.7 billion in sales revenue.

GERI president Monica Salomon said the company remains optismtic about its prospects under the Duterte administration.

“Our long-term objective is to build on the leadership status that we have as the premiere tourism and leisure estate developer in the country, and we are poised to do so with the backdrop of the current government’s thrust to accelerate infrastructure developments outside of Metro Manila,” she said.

The aim to expand the company’s portfolio of integrated urban townships in key growth provincial areas is not only to take advantage of the growth opportunities but to contribute in spurring economic activity and job creation in these areas as well, Salomon added.

Moving forward, GERI said it would continue to pursue exciting tourism and leisure projects across the country.

At present, the company continues to be the leading developer of master planned integrated tourism estates in the country, catering to both the domestic and foreign market.

Megaworld Corp. owns 82.3 percent of GERI and has taken an aggressive role in transforming the latter’s  vast land bank into integrated urban townships.