GERI income up 11%

GLOBAL-Estate Resorts Inc. (GERI) posted an 11-percent growth in its net income last year to P1.9 billion from P1.7 billion in 2018.

Its consolidated revenues improved by 12 percent to P8.5 billion in 2019 from P7.5 billion in 2018.

In a disclosure on Thursday, the listed subsidiary of property giant Megaworld Corp. said the positive corporate results were driven by real estate sales, leasing and hotel operations.

“Our available residential inventory in our various tourism townships…will allow us to sustain our real estate sales moving forward. These developments outside Metro Manila provide residential buyers with the needed breathing space and fresh air in natural surroundings — which are what most buyers and investors are looking for right now,” GERI President Monica Salomon was quoted as saying in the disclosure.

GERI saw its real estate sales climb to P6.1 billion last year on the back of sales of condominium units and residential and commercial lots in Boracay Newcoast, Twin Lakes and Southwoods City.

The company said it registered sales reservations worth P19 billion in 2019, while P11 billion worth of new projects were added to its inventory.

Revenues of its leasing operations reached P747 million last year, 75 percent better than P427 million in 2018.

The double-digit improvement was attributed to the full-year rent of its offices and mall in Southwoods City.

Hotel revenues surged by 263 percent to P814 million in 2019 from P224 million the year before.

The three-digit increase was on the back of the opening of the Twin Lakes Hotel and the reopening of the hotels in Boracay Newcoast in October 2018.

GERI currently has eight integrated tourism developments in the country, covering more than 3,300 hectares.

GERI shares inched up by 1 centavo or 1.27 percent to close at 80 centavos each on Thursday.