Global-Estate Resorts posts 13% rise in H1 income
GLOBAL-ESTATE Resorts, Inc. (GERI) reported a 13% increase in attributable net income for the first half (H1), rising to P848 million from P748 million, thanks to the strong performance of its business units.
“Our focus on our tourism townships allowed our company to achieve remarkable growth through the first half of the year,” GERI President Monica T. Salomon said in a statement.
“The company’s core businesses especially those in our destination estates largely benefited from the increasing tourism in our country,” she added.
The company’s consolidated revenues for the six-month period rose by 32% to P3.9 billion from P3 billion last year, driven by its real estate business, which accounted for 79% of GERI’s total revenue.
Real estate sales climbed to P3.1 billion, marking a 32% increase from P2.3 billion during the same period last year.
Likewise, reservation sales saw a 39% growth, reaching P11.7 billion, fueled by strong demand for the company’s residential and commercial properties, particularly in Boracay Newcoast, Eastland Heights in Antipolo, Rizal, and Twin Lakes in Laurel, Batangas.
The company said that it has now sold 94% of its P817 million Ocean Garden Villas Cluster C project in Boracay Newcoast, which was launched earlier in the year.
GERI doubled its hotel revenues to P308 million from P157 million in the previous year, driven by higher occupancy and room rates due to the continuous rise in local tourism and travel.
Additionally, the company’s leasing revenues grew by 29% to P273 million from P211 million in the prior year.
The contribution of retail spaces to the company’s leasing income increased compared to the previous year, as foot traffic and tenant sales have already recovered from the slowdown.
“This second half, we are determined to leverage our expertise and hope to continue capturing the increasing tourism opportunities in the sector,” Ms. Salomon said.
To date, the company has nine tourism estates and integrated lifestyle communities across the country, covering more than 3,300 hectares of land. — Adrian H. Halili
