Profits of Global-Estate Resorts decline by 48%

TOWNSHIP developer Global-Estate Resorts, Inc. (GERI) reported a 48% decline in earnings for the first quarter due to the eruption of Taal Volcano and the coronavirus outbreak.

In a regulatory filing Wednesday, the listed subsidiary of Megaworld Corp. said its attributable net income in the three months to March fell to P247.96 million from P477.47 million last year.

Its consolidated revenues decreased 18% to P1.53 billion as real estate sales were slower during the period. —