Andrew Tan leisure firm 9-month profit surges to P1.1B
Global?Estate Resorts Inc. (GERI) saw its net income jump 70 percent to P1.1 billion in the nine months ending September on the back of higher revenues.
Consolidated revenues went up 11 percent to P4.89 billion, largely due to its strong residential business as well as the steady growth in its rental business.
The residential segment reported a 12 percent rise in revenues to P4.27 billion. Rental income likewise grew 28 percent to P83 million.
?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,? said GERI president Monica Salomon.
?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,? Salomon added.
Located within GERI?s 561?hectare Southwoods City in the boundaries of Bi?an, Laguna and Carmona, Cavite, Southwoods Malls offers 58,000 square meters of shopping, dining, entertainment, and leisure. It features a 24?hour Food Hall, four state?of?the?art cinemas, a department store, supermarket, hardware store, toy store and its own transport hub.
GERI owns four other integrated tourism developments around the country: Alabang West in Las Pi?as City (62 hectares), Twin Lakes near Tagaytay (1,200 hectares), Boracay Newcoast in Boracay Island (150 hectares), and Sta. Barbara Heights in Iloilo (173 hectares).