PROPERTY developer Global-Estate Resorts, Inc. (GERI) booked an 11% increase in earnings last year on sustained real estate sales and higher leasing revenues.
In a statement Thursday, the listed subsidiary of Megaworld Corp. said its net income for 2019 stood at P1.9 billion, growing from the P1.7 billion it recorded the year prior.
Consolidated revenues rose 12% to P8.5 billion on the back of strong returns across its revenue streams.
Real estate sales contributed P6.1 billion, driven by condominium sales and residential and commercial lot sales from its properties in Boracay Newcoast, Twin Lakes and Southwoods City. The company’s sales reservation booked a record P19 billion in 2019, adding P11-billion worth of new projects in its portfolio.
Leasing operations added P747 million in revenues, up 75% from the previous year. GERI attributed it to the opening of Twin Lakes Hotel and the reopening of hotels in Boracay after its six-month rehabilitation in 2018.
“Our available residential inventory in our various tourism townships, which are mostly in the provinces such as Southwoods City, Boracay Newcoast, Eastland Heights, Sta. Barbara Heights, Arden Botanical Estate, and Hamptons Caliraya, will allow us to sustain our real estate sales moving forward,” GERI President Monica T. Salomon said in the statement.
“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,” she added.
The company has eight integrated tourism developments in its portfolio, equivalent to over 3,300 hectares of land. These are located in Laurel, Batangas; Biñan, Laguna and Carmona, Cavite; Las Piñas City; Boracay Island; Sta. Barbara, Iloilo; Antipolo, Rizal; Lumban-Cavinti, Laguna; and Trece Martires, Cavite.
Shares in GERI at the stock exchange picked one centavo or 1.27% to close at 80 centavos each on Thursday. — Denise A. Valdez