MANILA, Philippines — Global-Estate Resorts Inc. (GERI), a developer of master-planned integrated tourism estates, reported a net income of P603 million in the first half, up 11 percent year on year.
Consolidated revenues declined by 17 percent to P2.4 billion as the impact of the pandemic continues to affect the company’s businesses, particularly its hospitality businesses in Boracay and Tagaytay.
Real estate sales reached P1.8 billion, down by 16 percent, but reservation sales grew 48 percent to P8.6 billion.
The bulk of these reservation sales came from the horizontal residential developments in Eastland Heights (Antipolo), Boracay Newcoast (Boracay Island), and Alabang West (Las Piñas). The company also registered strong sales for its prime properties in Southwoods City, Twin Lakes, and Arden Botanical Estate.
Monica Salomon, president of GERI, said demand for horizontal developments is overwhelming.
“We continue to come up with innovative projects to address this growing need of our clients. As we sell new residential products, we also turn over those that are already completed this year, particularly our projects in Twin Lakes and Hamptons Caliraya. We are also on-track to turn over more completed projects next year. These are residential lots in Hamptons Caliraya and condominium units in Boracay Newcoast, and Twin Lakes,” she said.
Leasing revenues declined 45 years to P190 million as concessions granted to rental partners remain in place. Hotel revenue dropped 72 percent as compared to the same period last year due to prevailing travel restrictions.
Quarter-on-quarter, the company’s net income was almost unchanged at P303 million. Real estate sales also remained flat at P911 million, while rental income declined by 41 percent.
On the other hand, hotel operations grew three percent as eased restrictions allowed the partial opening of the company’s hotels in Boracay and Tagaytay.