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Megaworld's leisure unit nets P139 M in Jan-Apr

By Richmond Mercurio (The Philippine Star) | Updated May 15, 2015 - 12:00am


MANILA, Philippines - Megaworld’s integrated tourism estate subsidiary Global Estate Resorts Inc. (GERI) booked higher earnings in the first quarter this year as residential sales as well as hotel and service income soared. In a statement, GERI said net income went up 35 percent in the first quarter to P139 million from P103 million in the same period last year.

The company also reported consolidated revenues of P885 million, a 38-percent improvement from last year’s P640 million. “It has been an impressive start of the year for GERI. We started 2015 with a robust sales performance across our projects. We are confident that GERI can sustain this strong momentum for the rest of the year,” said Lailani Villanueva, chief finance officer of GERI.

GERI’s real estate sales during the first three months of 2015 climbed 35 percent to P554 million from P411 million last year behind strong residential take-up in its five major developments.

“The strong marketing efforts for our various projects across the country have certainly gained ground as far as revenues are concerned. With our vast land bank, we have more opportunities to tap to even further expand our developments,” GERI president Monica Salomon said.

GERI has five major developments across the country covering more than 2,200 hectares of land. These are Boracay Newcoast in Boracay Island, Aklan (150 hectares); Twin Lakes in Laurel, Batangas near Tagaytay (1,300 hectares); Southwoods City on the boundaries of Carmona, Cavite and Biñan, Laguna (561 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (170 hectares); and Alabang West (62 hectares).

SOURCE: http://www.philstar.com/business/2015/05/15/1454753/megaworlds-leisure-unit-nets-p139-m-jan-apr
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