Geri income rises 26% on higher rental, sales

GLOBAL-ESTATE Resorts Inc. said its income during the nine months of the year grew 26 percent to P1.6 billion from last year’s P1.2 billion, fueled by its growing recurring income from hotels and rents. Excluding nonrecurring gain of P189 million, its profit increased only by 10 percent to P1.4 billion, the company said. Consolidated revenues grew 19 percent to P5.9 billion from last year’s P5 billion, partly on the strong growth of its rental and hotel businesses. The company’s hotel operations became the fastest-growing segment during the period, growing more than five times to P665 million from P126 million last 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,” Monica T. Salomon, the company’s president, said. Rental revenues, on the other hand, almost doubled to P571 million from P294 million 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,” Salomon said. The company’s real-estate business, on the other hand, was stable at P4.2 billion. Real-estate sales accounts for over 70 percent of its total revenues, which mostly came from the sale of residential and commercial lots, as well as condominium units in Twin Lakes, Southwoods City and Boracay Newcoast. “The growth in our real-estate revenues will be underpinned by project launches from our new and existing townships and integrated lifestyle communities. Moving forward, this should be sustainable as the company has a huge land bank for both vertical and horizontal developments,” Salomon said.