Megaworld's GERI says 9-month net profit up 41 pct

ABS-CBN News

Posted at Nov 11 2016 02:09 PM

MANILA - Megaworld subsidiary Global-Estate Resorts Inc. (GERI) said Friday net income for the first nine months of the year grew 41 percent to P754 million on the back of strong growth inresidential sales.

GERI said revenues in the January to September 2016 increased by 15 percent to P4.4 billion from the P3.8 billion posted in the same period last year.

The company's residential arm led growth, droving 77 percent of total revenues, GERI told the stock exchange.

Real estate sales grew 12 percent to P3.4 billion for the first nine months of the year, driven by five tourism and leisure townships, it added.

GERI launched four residential projects early this year, covering around P3.7 billion in projected sales revenues.

"We aim to expand our portfolio of integrated urban townships in key growth provincial areas not only to take advantage of the growth opportunities, but also to contribute in spurring economic activity and job creation in these areas," said GERI president Monica Salomon.

GERI shares were unchanged at P0.96 while Megaworld shares were down 3.54 percent to P3.81 on Friday.