Residential sales and hotel and service income led to the increase, says GERI
Alabang West in Las Piñas City
Megaworld subsidiary and tourism estate developer Global-Estate Resorts, Inc. (GERI) announced today a net income of Php 139 million for the first quarter of the year, a 35% increase from the company’s Php 103 million income during the same period in 2014.
“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,” GERI chief finance officer Lailani Villanueva said.
During the January-March 2015 period, GERI’s consolidated revenues amounted to Php 885 million, up 38% from Php 640 million for the same period last year.
From Php 411 million in Q1 2014, real estate sales reflected a year-on-year increase of 35% to Php 554 million this year. The developer attributed the upsurge to strong residential sales in projects like the Boracay Newcoast in Aklan, Sta. Barbara Heights in Iloilo, Twin Lakes in Tagaytay, Southwoods City in Cavite-Laguna, and Alabang West in Las Piñas.
“The strong marketing efforts for our various projects across the country have certainly gained ground as far as revenues are concerned." GERI president Monica Solomon explained. "With our vast land bank, we have more opportunities to tap to even further expand our developments.”