GERI’s income up by 28% to P412-M

MEGAWORLD subsidiary Global-Estate Resorts, Inc. (GERI) registered a total net income of P412.2-million in the first quarter of 2022, up by 28 percent versus the P322.6-million it reported last year.

Meanwhile, the company’s net income attributable to parent company’s shareholders grew by 14 percent year-on-year to P343.0-million.

Consolidated revenues for the first quarter of 2022 came in at P1.3-billion, reflecting a 10 percent jump versus the same period last year.

The improved performance was largely driven by a 14 percent growth in real estate sales to P1.0-billion as compared to the previous year on the back of an increase in construction activity. Revenue from hotel operations also posted a turnaround, surging by 175 percent year-on-year to P60.6-million on the back of a rebound in travel and leisure related activities. Meanwhile, revenue from the company’s leasing business declined by 7 percent to P112.1-million for the first three months of the year. /