MANILA, Philippines — Global-Estate Resorts Inc. (GERI), the Andrew-Tan listed developer of master-planned tourism and leisure townships and integrated lifestyle communities, recorded a net profit of P365 million in the first quarter, down 32 percent year on year.
Excluding non-recurring gains in 2019, net profit rose three percent.
GERI president Monica Salomon said the company is optimistic for the rest of the year despite the coronavirus disease 2019 or COVID-19 which has made the business environment challenging.
“We expect promising residential lot sales in our sustainable townships and integrated lifestyle communities in the provinces such as Arden Botanical Estate, Eastland Heights, Hamptons Caliraya, and Boracay Newcoast. All these will propel our recovery plans throughout the year,” Salomon said.
GERI registered registered P1.5 billion in consolidated revenue, fueled by real estate sales of P1 billion, mostly coming from the sale of condominium units, residential and commercial lots in Boracay Newcoast, Twin Lakes and Southwoods City.
Revenues from the company’s leasing operations grew three percent to P186 million.
Despite the temporary suspension of hotel operations of Twin Lakes Hotel in Batangas as well as Savoy Hotel and Belmont Hotel in Boracay Newcoast, Aklan, hotel revenue reached P149 million in the first quarter.
GERI, a subsidiary of property giant Megaworld, has eight integrated tourism and leisure developments across the country covering more than 3,300 hectares of land.