MANILA, Philippines – A year after its acquisition by Megaworld, Global-Estate Resorts Incorporated (GERI) posted a net income gain of 151% million in 2014.
The tourism estate developer posted a net income of P857 ($19.2 million) million last year, bolstered by a non-recurring gain of P377 million ($8.45 million) from its net income of P341 million ($7.64 million) in 2013.
Excluding the non-recurring gain, GERI’s net income would be 41% year-on-year.
Total revenues of GERI in 2014 almost doubled last year – from P1.71 billion ($38.3 million) in 2013 to P3.36 billion in 2014, or around 97% growth year-on-year.
The growth was attributed to real estate sales that amounted to P2.04 billion (45.7 million), up 139% from P856 million ($19.1 million) in 2013, following robust sales of residential projects in Southwoods City and Alabang West.
“GERI has again set the bar by achieving another banner year. This year will be another exciting year for GERI and we expect continuing growth in the company’s revenues as we launch more projects in the coming years,” said Lailani Villanueva, GERI chief finance officer.
In May last year, the Andrew Tan-led Megaworld Corporation announced the purchase of the 49.20% stake of Alliance Global Group Incoporated (AGI) in GERI for P10.43 billion ($233.8 million).
Megaworld currently owns 80.4% of GERI and has leveraged GERI’s vast land bank into integrated urban townships.
The firm launched 5 projects last year: Pahara at Southwoods and Holland Park Tower 1 in Southwoods City, Alabang West Village, The Vineyard Residences–Shiraz Tower in Twin Lakes, and Sta. Barbara Heights Phase III in Iloilo.
GERI currently has 5 major developments across the country covering more than 2200 hectares namely: Boracay Newcoast in Boracay Island (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). –Rappler.com
$1 = P 44.57