By Leslie D. Venzon
MANILA, April 10 (PNA) — Global-Estate Resorts Inc. (GERI), the Philippines’ leading tourism estate developer, posted a whopping 151-percent in profit in 2014 on the back of robust residential sales and one-time gain.
In a disclosure to the Philippine Stock Exchange, GERI said its net income reached Php857 million last year from Php341 million in 2013, inclusive of Php377 million non-recurring gain.
Without non-recurring gain, its profit surged by 41 percent to Php480 million from Php340.43 million.
The company said total revenues almost doubled last year from Php1.71 billion to Php3.36 billion, attributed mainly to real estate sales that accounted to around Php2.04 billion.
“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, chief finance officer at GERI.
At present, GERI has five major developments across the country covering more than 2,200 of Boracay Newcoast in Boracay Island; Twin Lakes in Laurel, Batangas near Tagaytay; Southwoods City on the boundaries of Carmona, Cavite, and Biñan, Laguna; Sta. Barbara Heights in Sta. Barbara, Iloilo; and Alabang West.
In May last year, Megaworld announced the purchase of the 49.20-percent stake of Alliance Global Group, Inc. (AGI) in GERI for Php10.43 billion. (PNA)