Leasing business boosts Global-Estate net

ANDREW Tan- led Global- Estate Resorts, Inc. (GERI) reported an 18- percent increase in net income in the first half of the year to P794 million, buoyed by its strong leasing business.

GERI told the Philippine Stock Exchange on Tuesday the earnings growth was boosted by an all- time high performance of the rental portfolio following the launch of its first Southwoods Mall in September last year.

Earnings were also augmented by realized revenues from the completion of residential projects.

Rental revenues soared 218 percent during the period to P177 million. The rental arm of GERI is mainly comprised of retail space leasing from the various lifestyle malls and retail concepts pioneered by its parent company Megaworld.

“After launching Southwoods Malls, we are gearing up to launch more lifestyle malls and retail concepts in the coming years,” GERI President Monica Salomon said.

The company is targeting P650 million in rental income over the next two years.

Net income attributable to shareholders of the parent grew 18 percent to P814 million from P691 million in the same period last year.

GERI’s real estate business, which comprises all residentialrelated revenues, posted 8 percent growth to P2.8 billion. The company has been expanding its residential portfolio in various key markets in Las Piñas City, Rizal, Cavite, Laguna, Batangas, Iloilo, and Boracay.

At present, GERI has seven mixed- use estates and integrated lifestyle communities around the country.

GERI shares ended down 2 centavos at P1.23 each.

ANGELICA BALLESTEROS