Global-Estate Resorts Inc., a unit of Megaworld, said net income climbed 14 percent to P1.29 billion for the first three quarters of this year from P1.13 billion year-on-year due to a significant growth in rental revenues.
GERI said in a disclosure to the stock exchange it posted consolidated revenues of P5.25 billion during the first nine months of 2018, up seven percent from P4.9 billion on year.
The company more than tripled its rental income in the first nine months of the year to P294 million from last year’s P83-million.
“This is another banner year for our leasing operations,” said GERI president Monica Salomon.
“We look forward to new commercial spaces in Holland Park and in Southwoods Office Towers 1 & 2, as these will further sustain our momentum in our rental income next year,” Salomon added.
Revenues from residential operations grew seven percent to P4.42 billion from P4.13 billion in the first nine months of 2017.
Realized profits from sales in prior years were strong, rising 40 percent and signaling GERI’s commitment to meet its completion commitments to customers.
“We have seen really good take-up in Boracay Newcoast in the last few months, especially after the announcement of the island’s rehabilitation and reopening. We have also seen very keen interest in our Twin Lakes development, which still remains to be GERI’s largest tourism estate that sprawls across 1,200 hectares of land near Tagaytay with spectacular views of the Taal Lake and volcano,“ Salomon said.
GERI recently opened Savoy Hotel within the 150-hectare Boracay Newcoast. It is set to open two more hotels in the next two years—the Belmont Hotel Boracay and the Chancellor Hotel Boracay.
GERI has five other integrated tourism developments around the country—Alabang West in Las Piñas City (62 hectares), Southwoods City in Laguna (561 hectares), Sta. Barbara Heights in Iloilo (173 hectares), Eastland Heights in Antipolo, Rizal (640 hectares) and Hamptons Caliraya (300 hectares) surrounding Lake Caliraya in Cavinti Laguna.