Megaworld subsidiary Global-Estate Resorts Inc. (GERI) posted a 26 percent growth in net income in the first nine months of the year to P1.6 billion from P1.2 billion in the same period last year.
Excluding non-recurring gain of P189 million, net income increased by 10 percent to P1.4-billion. The company’s net income attributable to parent company saw a 9 percent growth to P1.4-billion from P1.2-billion during the same period last year.
GERI’s consolidated revenues grew from P5-billion to P5.9-billion during the first nine months of the year, registering a 19 percent growth year-on-year. This was fueled by the strong growth of its rental and hotel businesses.
The company’s hotel operations became the fastest growing segment during the nine months of 2019 as it exhibited a 430 percent growth to P665-million from P126-million in the previous year.