Global-Estate Resorts Inc., a unit of Megaworld Corp., said Monday net income climbed 21 percent in 2021 to P1.3 billion from P1.1 billion in 2020 on higher revenues.
GERI said in a disclosure to the stock exchange revenues reached P5 billion last year, boosted by residential sales.
It said real estate sales, which accounted for the bulk of revenues, reached P3.7 billion, up 3 percent from a year earlier. Real estate sales in the fourth quarter amounted to P1 billion, up 49 percent from the same period last year.
Reservation sales also rose 25 percent to P17.2 billion in 2021.
“For 2021, we continued to capitalize on the strong demand for properties in the provinces. Aside from the intrinsic attractiveness of owning a place that allows you to commune more closely with nature, the past couple of years also highlighted the potential of owning real estate as an investment. In fact, the underlying land values for our offerings continued to appreciate at a brisk pace in spite of the pandemic,” GERI president Monica Salomon said.
Leasing revenues fell 34 percent year-on-year to P409 million, as retail operations remained affected by the pandemic.
Revenue from hotel operations declined by 27 percent in 2021 to P146 million from P201 million in 2020 as a result of prevailing travel restrictions.
The relaxing of restrictions in the fourth quarter resulted in 231-percent increase in quarterly hotel revenue to P78 million from the preceding quarter.
“The increased economic activity in the last couple of months of the year has really been a boon for us. Furthermore, the relaxation of travel requirements will help sustain the ramp up in operations of our hotels which rely a lot on leisure and tourism-related activities,” said Salomon.
GERI has eight integrated tourism developments across the country covering more than 3,300 hectares of land.
