By James A. Loyola
Global-Estate Resorts, Inc. (GERI), Megaworld’s integrated tourism and leisure estates unit, reported a 65 percent jump in earnings to P544 million in the first quarter of 2019 from P330 million in the same period last year.
Excluding non-recurring gains of P189 million in the first quarter of 2019, the company saw an 8 percent growth in net profit from the same figure during the comparable period the previous year.
On the other hand, attributable net income rose 41 percent to P477 million in the first quarter of 2019 from P339 million in the first three months of 2018.
GERI’s soaring rental income and hotel operations provided uplift in earnings while its residential development business buoyed the company’s results.
Consolidated revenues excluding non-recurring gains was up 20 percent year-on-year to P1.7 billion during the first quarter from P1.4 billion in 2018.
Related to this, GERI’s core businesses collectively reached P1.6 billion from January to March of 2019, up 17 percent from P1.4-billion during the same period the previous year.
“We believe that we have made the right investments to secure our rental income early on as this is now providing stability in GERI’s earnings, which is evident in our results the past several years,” said GERI President Monica Salomon.
She added that, “we plan to further solidify this side of the business as we add more investment properties across our lineup of tourism townships and integrated lifestyle communities in the country.”
GERI’s rental income for the first three months of the year more than doubled to P180 million from P87 million during the same period of 2018.
The increase was mostly attributed to GERI’s Southwoods Office Towers and its full-scale mall in Biñan, Laguna — both of which already reached its full-year operations late last year.
The company’s hotel operations, on the other hand, also saw robust growth during the first quarter, soaring 78 percent to P171 million from P97 million in 2018.