Global-Estate Resorts Inc., a leading integrated tourism estates developer, said net income to parent company’s shareholders in the first six months of 2018 registered an 18-percent increase to P814 million from P690 million year-on-year.
Global Estate said in a disclosure to the stock exchange first-half consolidated revenues reached P3.3 billion, up five percent from P3.2 billion a year ago.
Real estate sales were steady at P2.1 billion while rental income soared 218 percent to P177 million from just P56 million a year ago.
The company attributed the sharp increase in rental income to the occupancy of leasable area and the opening of its first full-scale mall, the Southwoods Mall, in September last year.
“After launching Southwoods Malls, we are gearing up to launch more lifestyle malls and retail concepts in the coming years,” Global Estate president Monica Salomon said.
The integrated tourism estate developer earlier said it planned to book a rental income of P650 million in 2020.