GERI earnings up 26% at ₱1.56 B

Global-Estate Resorts, Inc. (GERI), a subsidiary of Megaworld Corporation, posted a 26 percent jump in net income to ₱1.56 billion from the ₱1.24 billion output during the same period last year.

In a disclosure to the Philippine Stock Exchange, GERI said that, excluding non-recurring gain of ₱189 million, net income increased by 10 percent to ₱1.4 billion.

The company’s net income attributable to parent company saw a 9 percent growth to ₱1.36 billion from ₱1.25 billion during the same period last year.

GERI’s consolidated revenues grew 19 percent from ₱4.95 billion to ₱5.92 billion during the first nine months of the year, 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 ₱665 million from ₱126 million in the previous year, following new hotel openings in Twin Lakes and Boracay Newcoast.

“Our continuing thrust to help boost tourism in the country is even gaining more momentum as we open more hotels across our tourism townships,” said GERI President Monica T. Salomon.

Rental revenues, on the other hand, almost doubled to ₱571 million from ₱294 million during the same period last year.

“We have completed and fully leased-out our Southwoods Office Towers last year. This year, we are going to realize full year rental revenues from these projects,” adds Salomon. (James A. Loyola)