income to P3.5-billion for the first quarter this year from P2.5-billion during the same period last year as the business environment continued to improve.
Megaworld subsidiary Global-Estate Resorts, Inc. (GERI), the Philippines’ leading developer of master-planned integrated tourism estates, registered a total net income of P412.2-million, up by 28% versus the P322.6-million it reported last year.
MREIT, Inc., the REIT company of the country’s largest office landlord Megaworld, registered distributable income amounting to P639.0 million, for the first quarter of 2022. This translated to an 18% growth as compared to the previous quarter as the company’s recent acquisitions provided their first full quarter contribution during the period.
The Andrew Tan-led Alliance Global Group, Inc. (AGI) more than doubled its net income last year to P23.8-billion year-on-year, bolstered by the resurgence in activities across all of its business segments with the reopening of the economy towards the latter part of the year. Net income to owners, likewise, soared 92% year-on-year to P16.9-billion, almost reaching the pre-pandemic levels.
Global-Estate Resorts, Inc. (GERI), the Philippines’ leading developer of master-planned integrated tourism estates and a subsidiary of Megaworld, posted consolidated revenues of P5.0-billion for full-year 2021.
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