Megaworld subsidiary Global-Estate Resorts, Inc. (GERI), the Philippines’ leading developer of master-planned integrated tourism estates, reported a 21 percent improvement in attributable net income to P300 million in the first quarter of 2021.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues decreased by 21 percent to P1.2 billion year-on-year as quarantine restrictions affected some of the company’s core businesses.
GERI booked P4.4 billion in reservation sales during the first quarter of the year, a 104 percent surge compared to the same period last year, as the company continues to capitalize on the prevailing demand for residential and commercial properties even in the middle of a pandemic.
Almost P3 billion in reservation sales came from GERI’s prime residential and commercial properties in Alabang, Boracay, and Antipolo, while the remainder was booked for available properties in Tagaytay, Southwoods and Caliraya in Laguna, Cavite, and Iloilo.
“Notwithstanding the challenges, we made a good start for 2021 because of the rising demand for residential projects in the countryside, particularly in key tourism and nature-friendly locations such as Boracay, Antipolo, and Tagaytay,” said GERI President Monica T. Salomon.
She added that, “GERI has been very well-positioned in these provincial locations, and our expansive land bank in these areas gives us an optimistic future ahead.” Real estate revenues stood at P909 million, while leasing revenues decreased by 36 percent to P120 million due to the concessions granted to rental partners during the pandemic.
Due to the limited hotel operations brought about by the quarantine measures during the quarter, hospitality revenues also went down by 85 percent to P22 million.