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Manila Bulletin devider Business devider GERI net income down 33%

GERI net income down 33%

Published Jul 5, 2020 10:00 pm

Global-Estate Resorts, Inc. (GERI), Megaworld Corporation’s tourism and leisure townships unit, recorded a 33 percent drop in net profit to P364.95 million in the first quarter of 2020 from P544.07 million in the same period last year.  

In a disclosure to the Philippine Stock Exchange, the firm said that, excluding non-recurring gains in 2019, net profit grew 3 percent year-on-year.

Consolidated revenues reached declined 18.4 percent to P1.5 billion in the first quarter of 2020 from P1.87 billion in the same period last year.

Real estate sales amounted to P1.0 billion, mostly coming from the sale of condominium units, residential and commercial lots in Boracay, Tagaytay and Southwoods City. Revenues from the company’s leasing operations registered a 3 percent increase to P186 million in the first three months of the year, primarily from Southwoods Office Towers.

“We remain optimistic for the rest of the year as we expect promising residential lot sales in our sustainable townships and integrated lifestyle communities in the provinces… All these will propel our recovery plans throughout the year,” said GERI President Monica T. Salomon.

Despite temporary suspension of its hotel operations in Batangas and Boracay, hotel revenues reached P149 million in the first quarter of 2020.

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