Global-Estate Resorts Inc. (GERI), the leisure development arm of Megaworld Corporation, reported a 37 percent growth in net income to P566 million in the first quarter of 2023 from the P412 million earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said it continues its path of growing past pre-pandemic performance on the back of the sustained recovery of the economy and strong demand for leisure properties.
Net income attributable to owners grew by 40 percent to P479 million from last year’s P343 million as consolidated revenues rose by 56 percent to P2.1 billion from P1.3 billion in the same period last year.
“Our strong start to the year raises our confidence that we are on track to hit new heights for GERI. This is also a testament to the quality of our projects and the strength of our brand,” said GERI President Monica T. Salomon.
She noted that, “Demand continues to grow, and we are committed to capturing new opportunities as we strive to deliver meaningful value to our stakeholders.”
Real estate sales jumped by 63 percent to P1.7 billion from last year’s P1 billion as a result of higher construction completion. Reservation sales grew 45 percent to P5.8 billion during the first quarter of the year.
GERI saw growing demand for residential and commercial properties in its projects at Boracay, Antipolo, Laurel in Batangas, Biñan, and Trece Martires in Cavite.
Particularly, the Ocean Garden Villas project in Boracay Newcoast boosted reservation sales after the P849 million project was launched in the first quarter of this year. To be completed in 2027, this project is now selling at P255,000 per square meter.
Meanwhile, hotel revenues more than doubled to P143-million during the quarter from last year’s P61 million due to the continued rise of local tourism and travel.
Leasing revenues, on the other hand, improved 10 percent to P123 million from last year’s P112 million. These were achieved by the growth in rental in retail spaces in Southwoods City, Alabang West, and Twin Lakes.
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The article was originally published in Manila Bulletin and written by James Loyola
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