Megaworld subsidiary Global-Estate Resorts, Inc. (GERI) reported a 25 percent growth in attributable net income to P772 million in the first nine months of 2021 from P619 million in the same period last year.
In a disclosure to the Philippine Stock Exchange, the Philippines’ leading developer of master-planned integrated tourism estates said real estate sales reached P2.7 billion for the first nine months of 2021, 8 percent lower than the P2.9 billion achieved last year.
For the third quarter alone, GERI saw a 22 percent improvement in net income to P207 million from P169 million in the same period last year as real estate sales and hotel revenues bounced back with eased pandemic restrictions during the period.
Attributable net income surged 125 percent to P168 million during the quarter compared to last year’s P75 million.
“We continue to see strong demand for our property offerings outside of Metro Manila and this has been supported by the resumption of construction activities during the year,” said GERI President Monica T. Salomon.
She added that, “The sustained reopening of the economy amidst the onset of the Christmas season will help in the recovery of our leasing and hospitality segments in the current quarter.”
Consolidated revenues from core businesses reached P1.14 billion during the third quarter with hotel revenues soaring 335 percent to P23.5 million and real estate sales increasing by 16 percent to P889 million, primarily due to the increase in construction activities during the period.
Continued demand for leisure properties and residential lots bolstered reservation sales for the period ending September 2021, which increased by 33 percent year-on-year to P13.2 billion.
The bulk of sales came from GERI’s offerings in its Boracay Newcoast, Alabang West, and Eastland Heights townships, which amounted to P8.9 billion.
The company also registered strong sales for its property offerings in Southwoods City, Twin Lakes, and Arden Botanical Estate, which amounted to P3.5 billion.
For the first nine months of 2021, leasing revenues declined by 47 percent year-on-year to P236.5 million as consumer sentiment remained subdued.
Meanwhile, revenue from hotel operations also declined by 59 percent as compared to the same period last year due to prevailing travel restrictions.