Megaworld’s Geri profit up 151%
A YEAR after its majority acquisition by Megaworld, Global-Estate Resorts Inc. (Geri), the Philippines’ leading tourism estate developer, posted a 151% growth in its net income last year from P341 million in 2013 to P857 million (inclusive of P377 million non-recurring gain) in 2014. Without non-recurring gain, its net income rose to P480 million, a 41% increase year-on-year and almost double growth than in 2012 when its net i ncome was P264 million.
Total revenues of Geri in 2014 almost doubled last year – from P1.71 billion in 2013 to P3.36 billion in 2014, or around 97% growth year-onyear.
This remarkable growth was attributed to real estate sales that accounted to around P2.04billion, up 139% from P856 million in 2013, due to robust sales of residential projects in Southwoods City and Alabang West.
Last year, the company has launched five (5) projects: Pahara at Southwoods and Holland Park Tower 1 in Southwoods City; Alabang West Village; The Vineyard Residences – Shiraz Tower in Twin Lakes; and Sta. Barbara Heights Phase III in Iloilo.
“Geri has again set the bar by achieving another banner year. This year will be another exciting year for Geri and we expect continuing growth in the company’s revenues as we launch more projects in the coming years,” said Lailani Villanueva, chief finance officer, Global-Estate Resorts, Inc.
At present, Geri has five major developments across the country covering more than 2,200 of Boracay Newcoast in Boracay Island (150 hectares); Twin Lakes in Laurel, Batangas near Tagaytay (1,300 hectares); Southwoods City on the boundaries of Carmona, Cavite, and Biñan, Laguna (561 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (170 hectares); and Alabang West (62 hectares).
In May l ast year, Megaworld announced the purchase of the 49.20% stake of Alliance Global Group, Inc. (AGI) in Geri for P10.43 billion. Today, Megaworld owns 80% of Geri and it has taken an aggressive role in transforming Geri’s vast land bank into integrated urban townships, the concept that Megaworld pioneered in the Philippines.