By Leslie D. Venzon
MANILA, May 14 (PNA) — Global-Estate Resorts Inc. (GERI), the country’s biggest developer of integrated tourism estates, posted a 35-percent surge in profit in the first quarter of 2015 on the back of residential sales and hotel and service income.
In a disclosure to the Philippine Stock Exchange, Megaworld subsidiary GERI said its net income reached PhP 139 million in January to March from PhP 103 million during the same period last year.
Consolidated revenues also soared by 38 percent to PhP 885 million from PhP 640 million.
“We started 2015 with a robust sales performance across our projects. We are confident that GERI can sustain this strong momentum for the rest of the year,” said Lailani Villanueva, chief finance officer at GERI.
Real estate sales grew 35 percent to PhP 554 million from PhP 411 million on strong residential sales in various estate projects.
“The strong marketing efforts for our various projects across the country have certainly gained ground as far as revenues are concerned. With our vast land bank, we have more opportunities to tap to even further expand our developments,” said GERI president Monica Salomon.
At present, GERI has five major developments across the country covering more than 2,200 hectares of land. (PNA)