Global-Estate Resorts Inc. posted a net income of P865 million in the first six months of 2019, up 16 percent from P745 million year-on-year.
Excluding non-recurring gains of P189 million recorded in the first half of the year, the company saw an 11-percent growth on year in earnings attributable to the parent company.
GERI, a unit of Megaworld Corp., said in a disclosure to the stock exchange consolidated revenues rose 22 percent to P3.9 billion from P3.2 billion on year.
GERI’s booked strong revenues from the rental business and hotel operations as all and stable residential sales boosted overall sales in the first half of the year.
“Our growth story hinges on our rental and hotel businesses, which have been growing rapidly this year. On the rental side, the office segment in particular saw a huge swing in revenues due to the fact that both office towers in Southwoods City have already begun realizing full-year rentals,” GERI president Monica Salomon said.
“On the hotel side, the opening of Twin Lakes Hotel around late last year have boosted revenues significantly as the development continues to gain popularity amongst people visiting Tagaytay,” Salomon added.
Rental income in the first half of the year surged 113 percent to P377 million from P177 million on year, lifted by the completion of Southwoods Office Towers.
Hotel revenues jumped 286 percent to P484 million from P125 million in 2018 with the addition of 130 hotel rooms from Twin Lakes Hotel.
GERI’s hotel portfolio currently includes Savoy Hotel Boracay and Fairways & Bluewater, both in Boracay Newcoas.
Meanwhile, residential sales were steady at P2.8 billion, up one percent on year. The company’s real estate business accounts for close to 70 percent of the total revenues. Jenniffer B. Austria
Net income attributable to the parent company declined 4.6 percent in the second quarter to P387.6 million from P406.2 million on year.
GERI has seven seven tourism townships and integrated lifestyle communities across the country covering over 3,000 hectares of land.
