By Richmond S. Mercurio (The Philippine Star) | Updated April 10, 2015 - 12:00am
MANILA, Philippines - Tourism estate developer Global-Estate Resorts Inc. (GERI), a subsidiary of tycoon Andrew Tan’s Megaworld, posted triple-digit growth in earnings last year behind robust residential sales and a one-time gain.
GERI said its net income last year, which includes a P377-million non-recurring gain, ballooned 151 percent to P857 million from P341 million in 2013.
Minus the non-recurring gain, the firm’s net income still surged 41 percent year-on-year to P480 million.
Total revenues, meanwhile, almost doubled last year to P3.36 billion from P1.71 billion the previous year due to robust sales of residential projects in Southwoods City and Alabang West.
GERI said real estate sales in 2014 reached P2.04 billion, up 139 percent from P856 million in 2013.
The company launched five projects last year, namely 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 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
Megaworld said it is pleased with GERI’s performance in 2014, a year when it took majority control of the company.
In May last year, Megaworld purchased the 49.20-percent stake of Tan’s holding firm Alliance Global Group Inc. in GERI for P10.43 billion.
Megaworld now owns 80 percent of GERI, taking an aggressive role in transforming the company’s vast landbank into integrated urban townships.
GERI currently has five major developments across the country covering more than 2,200 hectares of land.
GERI’s projects include Boracay Newcoast in Boracay Island (150 hectares), Twin Lakes in Laurel, Batangas (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).