Tourism estate developer Global Estate Resorts Inc. (GERI) said Friday its net income attributable to parent company’s shareholders climbed 3 percent in 2023 to P1.8 billion from the 2022 level on higher residential sales.
Consolidated revenues grew 14 percent to P8.3 billion last year, led by strong performances across its business segments including real estate, rental and hotel operations, GERI, a subsidiary of property developer Megaworld Corp., said in a stock exchange filing.
Real estate sales reached P6.5 billion, up 10 percent year-on-year, on the back of continued improvement of real estate bookings from the company’s projects in Boracay Newcoast, Southwoods City and Twin Lakes.
Reservation sales hit P19.2 billion in 2023, marking its full recovery from 2019, on sustained demand for GERI’s property offerings, particularly in Boracay Newcoast, Twin Lakes and Eastland Heights.
The group’s hotel segment surged 35 percent to P567 million, amid the resurgence in travel and tourism, while leasing revenues rose 21 percent to P552 million, underpinned by the growing foot traffic and tenant sales in GERI’s commercial and retail spaces.
“As we move forward, GERI remains dedicated to enhancing our townships, driving sustainable growth, and delivering value to our stakeholders. We look forward to launching more projects in new locations very soon,” said GERI president Monica Salomon.
The company has nine tourism estates and integrated lifestyle communities across the country covering more than 3,300 hectares of land.