GERI notches record net profit

Global-Estate Resorts, Inc. (GERI), a subsidiary of Megaworld Corporation, reported that its earnings soared to a record R670 million in the first six months of 2017, up 44 percent from R465 million during the same period last year.

In a statement, the firm said attributable net income surged 74 percent growth from R396 million in the first six months of 2016 to R691 million during the same period this year.

GERI’s consolidated revenues reached R3.2 billion during the first half of 2017, up 11 percent from R2.9 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 residentialrelated revenues, posted a 11 percent growth from R2.4 billion in the first two quarters of 2016 to R2.6 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,” said GERI President Monica Salomon.

As residential sales continue to grow stronger, GERI also recorded excellent growth in its rental business during the period. From R39 million in the first half of 2016, GERI’s rental income grew 44 percent to R56 million during the same period this year.

“We are very much on-track to achieve the R150-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,” explained Salomon.