Tourism estate developer Global-Estate Resorts, Inc. (GERI) registered a 28 percent growth in net income to P412.2 million in the first quarter of 2022 from the P322.6 million earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said its attributable net income improved 14 percent year-on-year to P343.0 million.
Consolidated revenues for the first quarter of 2022 came in at P1.3 billion, reflecting a 10 percent increment versus the same period last year.
GERI said its improved performance was largely driven by a 14 percent growth in real estate sales to P1.0 billion as compared to the previous year on the back of an increase in construction activity.
Revenue from hotel operations also posted a turnaround, rising by 175 percent year-on-year to P60.6 million on the back of a rebound in travel and leisure related activities.
Meanwhile, revenue from the company’s leasing business declined by 7 percent to P112.1 million for the first three months of the year.
“Consumer confidence is on the rise and the rebound in travel and leisure-related activities has been strong,” said GERI President Monica T. Salomon.
She added that, “Our products are perfectly positioned to meet this demand and we are optimistic about our ability to sustain our recovery in 2022.” Salomon said GERI is now looking to expand its property offerings “to capitalize on emerging opportunities brought about by the reopening of the economy.”
Demand for GERI’s property offerings remained high as the company reported P4.0 billion in reservation sales. Around P2.7 billion was accounted for by residential and commercial properties in Boracay, Antipolo, and Cavite.
It also registered strong sales from its developments in Tagaytay, Southwoods, Alabang and Pasig City, which amounted to P1.0 billion.