Global-Estate net income up 47% in Jan.-Sept.

Global-Estate Resorts Inc. (GERI) on Monday reported a 47-percent growth in net income in the first nine months of the year, driven by the rental and residential businesses.

In a filing on the Philippine Stock Exchange, GERI said it posted a bottom line of P1.11 billion in January to September, up from P754 million the same period in 2016.

GERI cited strong results both from the residential business and "the consistently growing rental business."

Revenues reached P4.89 billion, up 11 percent from P4.41 billion.

The residential segment brew by 12 percent to P4.27 billion, while the rental business grew by 28 percent to P83 million.

GERI's portfolio includes business parks, low-cost housing, integrated tourism estates development, residential offices and commercial high-rises, and horizontal residential subdivision lots and residential/commercial complexes, residential communities integrated with golf, resort, and other leisure-related and commercial complexes.

Its subsidiaries include Twin Lakes Corp., Southwoods Mall Inc., Nasugbu Properties Inc., Fil-Estate Properties Inc., Oceanfront Properties Inc., Novo Sierra Holdings Corp., Megaworld Global-Estate Inc., Boracay Newcoast Hotel Group Inc., Fil-Estate Urban Development Corp., Fil-Estate Golf and Development Inc., and Global Homes and Communities Inc. — Jon Viktor Cabuenas/VDS, GMA News