GERI's income up by 28% YoY to P412 million
Megaworld subsidiary Global-Estate Resorts, Inc. (GERI), the Philippines’ leading developer of master-planned integrated tourism estates, registered a total net income of P412.2-million, up by 28% versus the P322.6-million it reported last year. Meanwhile, the company’s net income attributable to parent company’s shareholders grew by 14% year-on-year to P343.0-million. Consolidated revenues for the first quarter of 2022 came in at P1.3-billion, reflecting a 10% jump versus the same period last year.
The improved performance was largely driven by a 14% 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% 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% to P112.1-million for the first three months of the year.
“Consumer confidence is on the rise and the rebound in travel and leisure-related activities has been strong. Our products are perfectly positioned to meet this demand and we are optimistic about our ability to sustain our recovery in 2022. In fact, we are now looking to expand our property offerings to capitalize on emerging opportunities brought about by the reopening of the economy,” says Monica T. Salomon, president, GERI.
Demand for GERI’s property offerings remained high as the company reported P4.0-billion in reservation sales. Around P2.7-billion was accounted for by GERI’s prime residential and commercial properties in Boracay Newcoast, Eastland Heights in Antipolo, and Arden Botanical Estate in Cavite. The company also registered strong sales from its developments in Twin Lakes, Southwoods City, Alabang West and The Fifth in Pasig City, which amounted to P1.0-billion.
Today, GERI has eight (8) integrated tourism developments across the country covering more than 3,300 hectares of land namely: Twin Lakes in Laurel, Batangas (1,200 hectares); Southwoods City in Biñan, Laguna and Carmona, Cavite (561 hectares); Alabang West in Las Piñas City (62 hectares); Boracay Newcoast in Boracay Island, Aklan (150 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); and The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares); and Arden Botanical Estate at the boundary of Trece Martires and Tanza in Cavite (251 hectares).