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).
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