Global-Estate Resorts, Inc. (GERI), the Philippines’ leading developer of master-planned integrated tourism estates, reported an 11 percent improvement in attributable net income to P603 million during the first half of the year.

In a disclosure to the Philippine Stock Exchange, the Megaworld subsidiary said its total income declined by 12 percent to P643.3 million in the first six months of 2021.

Consolidated revenues dropped 17 percent to P2.4 billion in the first semester of 2021 from the P2.9 billion registered in the same period last year as the pandemic continues to affect the company’s businesses, particularly its hospitality businesses in Boracay and Tagaytay.

While real estate sales reached only P1.8 billion during the first half of the year, down by 16 percent, reservation sales has reached P8.6 billion, a record increase of 48 percent compared to last year’s P5.8 billion.

The bulk of these reservation sales during the period came from the horizontal residential developments in Antipolo, Boracay, and Las Piñas.

The company also registered strong sales for its prime properties in Southwoods City, Twin Lakes, and Arden Botanical Estate.

GERI launched a new village in Antipolo during the first quarter of the year, which is now 97 percent sold.

“The demand for horizontal developments is just overwhelming during this time, and we continue to come up with innovative projects to address this growing need of our clients,” said GERI President Monica T. Salomon.

She added that, “As we sell new residential products, we also turn over those that are already completed this year, particularly our projects in Twin Lakes and Hamptons Caliraya.” “We are also on-track to turn over more completed projects next year. These are residential lots in Hamptons Caliraya and condominium units in Boracay Newcoast, and Twin Lakes,” Salomon noted.

Leasing revenues decreased by 45 percent year-on-year to P190 million as concessions granted to rental partners remain in place.

Meanwhile, revenue from hotel operations declined by 72 percent as compared to the same period last year due to prevailing travel restrictions.

Quarter-on-quarter, the company’s net income is almost flat at P320 million during the second quarter, while net income attributable to parent company’s shareholders also remains almost unchanged at P303 million.

Real estate sales also remained flat at P911 million quarter-on-quarter while rental income dropped by 41 percent percent.

Meanwhile, hotel operations during this period grew by 3 percent only, as eased restrictions allowed the partial opening of the company’s hotels in Boracay and Tagaytay.