GERI profit up 3% in 2018 on higher residential sales

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GERI Twin Lakes
A hotel within Twin Lakes in Batangas is now open to the public. -- GERI

GLOBAL-ESTATE Resorts, Inc. (GERI) saw its attributable profit rise by three percent in 2018, driven by higher sales from its residential projects.

In a statement issued over the weekend, the leisure and tourism segment of Megaworld Corp. said net income attributable to the parent reached P1.5 billion, higher than the P1.45 billion it posted in 2017.

This followed a 21% jump in revenues to P7.5 billion, versus the P6.2 billion it generated the year before.

Real estate sales climbed 21% to P6.4 billion. The company unveiled more residential projects in Twin Lakes in Batangas; Boracay Newcoast; and in Pasig City last year. Its two-tower condominium in Pasig called The Fifth is seen to deliver at least P8 billion in residential sales.

Meanwhile, its rental business realized a 165% uptick in revenues to P427 million, after collecting full-year revenues from Southwoods Mall — its biggest mall to date — located within the 561-hectare Southwoods City township in Biñan, Laguna.

Aside from the mall, the listed firm opened its first two office towers in Southwoods City last year.

“At the heart of GERI’s continuous growth since being consolidated under the Megaworld Group is its expansive land bank, which the company has utilized to develop townships and integrated lifestyle communities that are centered on tourism and leisure,” GERI President Monica T. Salomon said in a statement.

The company’s other tourism estates and integrated lifestyle communities include Sta. Barbara Heights in Iloilo, Alabang West in Las Piñas, Eastland Heights in Antipolo, Rizal, and The Hamptons Caliraya in Lumban-Cavinti, Laguna. These properties cover some 3,000 hectares of land.

“To date, we still have more land to develop, allowing us to explore new opportunities in tourism developments,” Ms. Salomon said.

GERI is part of tycoon Andrew L. Tan’s holding firm, Alliance Global Group, Inc., whose core interests also include liquor, gaming, quick service restaurants, and infrastructure development.

Shares in GERI stood at P1.38 each at the stock exchange on Friday, lower by 0.72% or one centavo from the previous session. — Arra B. Francia