GLOBAL-ESTATE Resorts, Inc. (GERI) posted an 18% attributable
profit growth during the first six months of 2018, driven by a surge in
rental revenues after it opened its first full-scale mall in Laguna.
In a statement issued Tuesday, the leisure and tourism estate
developer of tycoon Andrew L. Tan saw net income attributable to equity
holders of the parent climb to P794 million for the first semester,
compared to the P670 million it realized in the same period a year ago.
Consolidated revenues likewise rose five percent to P3.3 billion for the period.
GERI attributed the positive results to the performance of Southwoods
Mall, its first full-scale mall inside its tourism estate Southwoods
City in Laguna. Rental revenues jumped by 218% during the January to
June period, reaching P177 million compared to the P56 million recorded
in the same period a year ago.
“After launching Southwoods Malls, we are gearing up to launch more
lifestyle malls and retail concepts in the coming years,” GERI President
Monica T. Salomon was quoted as saying in a statement.
By 2020, the company expects to expand its rental income to reach P650 million as it opens more lifestyle malls.
GERI also reported an eight percent growth in residential sales to P2.8 billion in the first half.
GERI currently has residential projects inside its integrated
lifestyle communities and townships, namely Alabang West in Las Piñas
City spanning 62 hectares, Hamptons Caliraya surrounding Lake Caliraya
in Laguna covering 300 hectares, the 1,200-hectare Twin Lakes in
Tagaytay, the 150-hectare Boracay Newcoast in Boracay Island, the
173-hectare Barbara Heights in Iloilo, and the 640-hectare Eastland
Heights in Rizal.
“The ‘integrated lifestyle community’ concept resonates well to our
market in pushing our residential offerings. We expect to see more of
this pioneering concept in our other properties soon,” Ms. Salomon said.
GERI is part of Mr. Tan’s Alliance Global Group, Inc., which also has
core investments in liquor through Emperador, Inc., gaming through the
operations of Resorts World Manila, and quick service restaurants
through Golden Arches Development Corp. — the local franchisee of the
McDonald’s brand.
Shares in GERI gained two centavos or 1.65% to close at P1.23 each at the stock exchange on Tuesday. — Arra B. Francia
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