Global-Estate Resorts net income up 45% to P1.6 billion in 2017
MANILA, Philippines – Listed Global-Estate Resorts Incorporated (GERI), Megaworld Corporation's integrated tourism and leisure brand, saw its bottom line rise in 2017 on strong real estate sales.
GERI reported a full-year 2017 net income of P1.6 billion, including P113 million in non-recurring gains, to the Philippine Stock Exchange (PSE) on Monday, April 2.
The figure is up 45% from its 2016 net income of P1.1 billion, which included P82.5 million in non-recurring gains.
Net income attributable to parent company, meanwhile, totaled P1.5 billion in 2017, up 56% from the P966 million in 2016.
GERI attributed the rise to real estate sales, which it noted comprised more than 70% of the business.
Residential sales grew to P4.5 billion in 2017, up 4% from P4.4 billion in 2016, which the firm attributed mostly to its residential projects in Alabang West, Boracay Newcoast, and Twin Lakes.
Income from rentals, meanwhile, totaled P161 million, up 54% from P105 million. GERI opened its first full-scale mall in 2017, the P2-billion Southwoods Mall at Southwoods City in Biñan, Laguna, under the Megaworld Lifestyle Malls brand.
The firm also launched the P8-billion, 300-hectare The Hamptons Caliraya in Laguna, which includes 11 hectares of residential lots, last year.
GERI currently has 5 tourism estates and two integrated lifestyle communities covering around 3,000 hectares.
"In the next 3 years, we will be introducing more integrated lifestyle communities where nature becomes the focal point of our developments," GERI president Monica Salomon said in a statement.
Andrew Tan-led Megaworld consolidated its controlling interest in GERI by upping its stake in the firm to 80.4% from 25.76% in 2014. – Rappler.com