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GERI posted P296-million net income in second quarter

Global-Estate Resorts Inc., the integrated tourism and leisure subsidiary of Megaworld Corp., posted P296.8 million in net income attributable to owners of the parent in the second quarter, down 23.4 percent from P387.6 million in the same period last year.

GERI said in a regulatory filing with the stock exchange second-quarter consolidated revenues declined by 38.6 percent to P1.38 billion from P2.25 billion a year earlier on lower sales from real estate, rental and hotel operations.

It said that despite the decline in revenues, it managed to book P3.6 billion in reservation sales in the second quarter even as the country was placed on strict lockdown amid the coronavirus pandemic.

The higher second-quarter reservation sales pushed first half pre-sales to P5.8 billion.

“When the news of a possible lockdown came out in mid-March, we had already braced for a conservative outlook for our residential segment. But while the country was placed on strict quarantine, we saw aggressive take-ups of our provincial projects. In fact, on the average, our second quarter sales are 61 percent of what we have booked for the entire first half of 2020. And we still have enough inventory to address the demand for residential projects in these areas,” GERI president Monica Salomon said.

Residential projects in Boracay Newcoast in Aklan, Arden Botanical Estate in Cavite, Eastland Heights in Antipolo, Rizal and Hamptons Caliraya in Laguna comprised the bulk of sales in the first half.

First-half net income reached P554.7 million, down 35.8 percent from P865.1 million in the same period last year.

Consolidated revenues in the first half reached P2.9 billion, reflecting a 29-percent decline from P4.1 billion a year ago.

Topics: Global-Estate Resorts Inc. , Megaworld Corp. , consolidated revenues
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