GERI reports net income up 45% in 2017

Global-Estate Resorts Inc. (GERI) reported on Monday a 45-percent increase in net income for the full-year 2017, driven by real estate sales.

The company posted a net income of P1.6 billion in 2017, up from P1.1 billion a year earlier, according to a regulatory filing by corporate legal head Christian Sorita.

GERI is the integrated tourism and leisure subsidiary of Megaworld Corp.

Residential sales grew to P4.5 billion in 2017 from P4.4 billion in 2016, mostly from the projects Alabang West, Boracay Newcoast, and Twin Lakes.

“In the next three years, we will be introducing more integrated lifestyle communities where nature becomes the focal point of our developments,” GERI president Monica Salomon said.

GERI currently has five tourism estates and two integrated lifestyle communities covering some 3,000 hectares of land across the country. —Jon Viktor Cabuenas/VDS, GMA News