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Manila Bulletin devider Business devider The Stock Market devider Andrew Tan's GERI boosts profits to almost P1 B

Andrew Tan's GERI boosts profits to almost P1 B

Published Aug 8, 2023 07:03 am

Global-Estate Resorts, Inc. (GERI), the leisure property developer acquired tycoon Andrew Tan’s Megaworld from the Sobrepeña-led Fil-Estate Land, reported a 17 percent improvement in net income to P996 million for the first half of 2023 from P848 million in the same period last year.
 

In a disclosure to the Philippine Stock Exchange, the firm said earnings grew as its real estate, rental, and hotel businesses posted robust performance during the period.
 

Net income attributable to owners grew by 13 percent to P848 million from last year’s P748 million.
 

Consolidated revenues rose 32percent to P3.9 billion in the first semester of 2023 from the P3.0 billion generated in the same period last year.
GERI’s real estate business leads the company’s growth and accounts for 79 percent of its total revenues. Real estate sales grew by 32 percent to P3.1 billion from last year’s P2.3 billion.
 

Reservation sales also soared by 39 percent to P11.7 billion during the first half of the year. Demand for GERI’s residential and commercial properties remained strong, particular for its projects in Boracay Newcoast, Eastland Heights in Antipolo, Rizal, and Twin Lakes in Laurel, Batangas.
 

Its newest project Ocean Garden Villas Cluster C in Boracay Newcoast, which was only launched earlier this year, is now 94 percent sold as of end-June. This project is valued at P817 million.
 

Hotel revenues, on the other hand, doubled to P308 million from last year’s P158 million. The company’s hotels enjoyed higher occupancy and room rates compared to year-ago levels due to the continued rise in local tourism and travel.
 

Leasing revenues, likewise, rose by 29 percent to P273 million from last year’s P211 million. The contribution of retail spaces to the company’s leasing income grew from year-ago level as foot traffic and tenant sales already recovered from the slowdown.
 

“Our focus on our tourism townships allowed our company to achieve remarkable growth through the first half of the year,” said GERI President Monica T. Salomon. 
 

She added that, “The company’s core businesses especially those in our destination estates largely benefited from the increasing tourism in our country. This second half, we are determined to leverage our expertise and hope to continue capturing the increasing tourism opportunities in the sector.”
 

 

 

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