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Megaworld's Global-Estate Resorts Inc. rakes in 70% more profit

By Louise Maureen Simeon (The Philippine Star) | Updated August 14, 2015 - 12:00am


MANILA, Philippines - Global-Estate Resorts Inc. (GERI), a subsidiary of property giant Megaworld Corp., posted a P339 million net income in the first half of 2015, almost 70 percent higher from P200 million in the same period last year on the back of aggressive real estate sales.

The country’s biggest developer of integrated leisure and tourism townships said consolidated revenues reached P2.1 billion for the first six months of the year, a 49.9 percent jump from last year’s P1.41 billion. Real estate sales accounted for almost three-fourths of total revenues, making it the biggest factor in the company’s first semester growth.

Real estate sales grew 60.4 percent year-on-year from P954 million in 2014 to this year’s P1.5 billion. The Andrew Tan-led subsidiary said growth is attributed to strong residential sales in Boracay Newcoast in Boracay Island; Sta. Barbara Heights in Iloilo; Twin Lakes in Batangas; Southwoods City in Cavite-Laguna area; and Alabang West in Las Piñas City.

“GERI is now experiencing bullish and remarkable growth across business segments. We expect to continue the momentum of our strong performance in the coming years because of GERI’s expansive land bank that are still in the pipeline for future development,” GERI president Monica Salomon said.

For 2015, GERI is targeting 30 percent higher income from P479 million posted in 2014.

Megaworld owns 80 percent of GERI after the property giant purchased the 49.2 percent-stake of Tan holding firm Alliance Global Group Inc. in the tourism estate developer for P10.43 billion in May 2014.

Currently, GERI has five ongoing major developments across the Philippines covering more than 2,200 hectares of land. GERI’s projects are Boracay Newcoast in Boracay Island, Aklan (150 hectares); Twin Lakes in Laurel, Batangas (1,200 hectares); Southwoods City on the boundaries of Carmona, Cavite, and Biñan, Laguna (561 hectares); Sta. Barbara Heights in Iloilo (173 hectares); and Alabang West (62 hectares).

SOURCE: http://www.philstar.com/business/2015/08/14/1487736/megaworlds-global-estate-resorts-inc.-rakes-70-more-profit
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