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Megaworld Corp. subsidiary sees 50-percent growth in net income

Megaworld Corporation group’s leisure and tourism estate unit Global Estate Resorts Inc. posted a 50-percent increase.

Manila, Philippines — The Megaworld Corporation group’s leisure and tourism estate arm Global Estate Resorts Inc. posted a 50-percent year-on-year increase in first quarter net profit to P315 million on higher revenue from residential unit sales.

Meanwhile, the consolidated revenue of Global Estate Resorts for the first three months hit P1.66 billion, up by 13 percent from year-on-year figures as residential sales jumped to record high, the Global Estate Resorts Inc told the Philippine Stock Exchange (PSE) on Wednesday, May 10.

“We started the year right. In the next nine months, we hope to sustain the trajectory of our growth to new record levels as we launch more residential projects in our various developments across the country,” Global Estate Resorts Inc. president Monica Salomon said.

The first quarter residential sales stretched to P1.14-billion, up 2 percent from the previous year. The leisure and tourism estate firm reported rapid sale of residential projects situated in Boracay Newcoast on Boracay Island, Twin Lakes in Batangas (near Tagaytay), as well as at the company’s projects in Cavite-Laguna boundary called Southwoods City, Sta. Barbara Heights in Iloilo and Alabang West in Las Piñas City.

“Our long-term goal is to further expand to other key growth areas around the country,” Salomon said.

Global Estate Resorts Inc, which is 82.3-percent owned by Megaworld Corporation, tycoon Andrew Tan’s flagship company—has six integrated leisure and tourism estate developments wrapping around 2,786 hectares of land. These are Boracay Newcoast on Boracay Island, Aklan (150 hectares); Twin Lakes in Laurel, Batangas near Tagaytay (1,200 hectares); Southwoods City on the boundaries of Carmona, Cavite and Biñan, Laguna (561 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Alabang West in Las Piñas (62 hectares), and Eastland Heights in Antipolo (640 hectares).

Jullie Anne Mendoza

Jiliane is a Manila-based writer who covers the business, political science and science, the firms that are leading that charge, as well as those that are left behind. She has been writing since 2000, most recently for BuzzFeed Philippines.

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