GLOBAL-ESTATE Resorts, Inc. (GERI) grew its earnings attributable to the parent by 70% in the first nine months of 2017, driven by the strength of its residential and rental businesses.
In a statement issued Monday, the tourism estate arm of Megaworld Corp. reported a net income attributable to the parent of P1.13 billion in the January to September period, higher than the P666 million it realized in the same period in 2016.
This came amid an 11% increase in the company’s consolidated revenues to P4.89 billion during the period. The Andrew L. Tan-led property developer saw a robust uptake in its residential projects, booking a 12% year-on-year growth to P4.27 billion in the first three quarters of 2017.
“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,” GERI President Monica T. Salomon was quoted as saying in a statement.
GERI’s rental business likewise saw a double-digit growth during the period, climbing 28% to P83 million from the P65 million recorded in the same period a year ago.
Ms. Salomon noted the opening of Southwoods Mall in the company’s 561-hectare Southwoods City along the boundaries of Biñan, Laguna, and Carmona, Cavite helped boost its rental business.
“The recent opening of Southwoods Mall in Laguna was a milestone for us. We have seen thousands of people lining up during our opening day. This new mall is certainly going to be a go-to destination in the south being the first big mall to rise after Alabang along SLEx (South Luzon Expressway),” Ms. Salomon said. — Arra B. Francia
