Megaworld?s subsidiary GERI increases income by 41%
Tourism estate developer Global-Estate Resorts Inc. (GERI), a subsidiary of Andrew Tan?s Megaworld Corporation, posted P754-million net income for the first three quarters of this year, higher by 41% than the P534-million of the same period last year.
GERI?s total revenues from January to September also increased by 15% or to P4.4-billion year-on-year compared to the P3.8-billion of the same period in 2015.
?Our long-term objective is to build on the leadership status that we have as the premiere tourism and leisure estate developer in the country, and we are poised to do so with the backdrop of the current government?s thrust to accelerate infrastructure developments outside of Metro Manila,? GERI president Monica Salomon said in a statement posted on Megaworld website.
The company attributed the higher income and revenues to the growth of its residential projects which comprised 77% of the total revenues.
Earlier this year, the company launched three residential projects, particularly in the tourism estate of Twin Lakes near Tagaytay ? Two residential towers of The Manor with 255 units, and Lucerne at Domaine Le Jardin with 316 lots.
?These projects cover around P3-billion in projected sales revenues,? GERI?s statement read.
The company?s real estate sales rose by 12% year-on-year to P3.4-billion for the first three quarters of 2016 from P3-billion during the same period last year.
The growth is mostly attributed to its five tourism and leisure townships, which collectively covers around 2,146 hectares of land: Boracay Newcoast in Aklan (150 hectares); Sta. Barbara Heights in Iloilo (173 hectares); Twin Lakes in Tagaytay (1,200 hectares); Southwoods City in Cavite?Laguna (561 hectares); and Alabang West in Las Pinas City (62 hectares).
?We aim to expand our portfolio of integrated urban townships in key growth provincial areas not only to take advantage of the growth opportunities, but also to contribute in spurring economic activity and job creation in these areas.? Salomon said.
Megaworld owns 82.3% of GERI?s shares.