GERI posts P989-M net income in H1, up 37%

Global Estate Resorts Inc. (GERI), Megawold’s tourism and leisure estates arm, posted a net income of P989 million in the first six months of 2019, up 37% from P724 million a year earlier.

In a regulatory filing submitted by GERI senior manager for compliance Adrian Tadena on Tuesday, the developer said “strong output from rental business and hotel operations provided the impetus for earnings growth while revenues from residential sales anchored profits.”

Consolidated revenue, excluding non?recurring gains, stood at P3.9 billion, up 22% from P3.2 billion.

“Our growth story hinges on our rental and hotel businesses, which have been growing rapidly this year. On the rental side, the office segment in particular saw a huge swing in revenues due to the fact that both office towers in Southwoods City have already begun realizing full year rentals,” Monica Salomon, GERI president, said.

“On the hotel side, the opening of Twin Lakes Hotel around late last year have boosted revenues  significantly as the development continues to gain popularity amongst people visiting Tagaytay,” Salomon said.

Rental income surged by 113% to P377 million from P177 million. —Ted Cordero/VDS, GMA News