Billionaire Andrew Tan’s leisure development business Global-Estate Resorts Inc. (GERI) reported that its net income was up slightly to P1.5 billion in the first nine months of 2023 from the P1.45 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said it was able to maintain its profit level “considering more vertical projects were sold this year compared to mostly horizontal projects last year.”

GERI noted the solid performances of its core businesses during the first nine months of the year, highlighted by its strong real estate sales, hotel and leasing operations during the period. 

Consolidated revenues grew by 25 percent to P6 billion in the first three quarters of 2023 from the P4.8 billion registered in the same period last year. 

GERI said its real estate business continue to lead the company’s growth and accounts for the lion’s share of its total revenues. 

Real estate sales improved by 22 percent to P4.7 billion from last year’s P3.9 billion, driven by bookings from its various projects in Boracay Newcoast, Southwoods City in Laguna, and Twin Lakes in Laurel, Batangas.

Reservation sales increased by 15 percent to P15.6 billion during the first nine months of the year. Projects in Boracay Newcoast, Eastland Heights in Antipolo, Rizal, and Twin Lakes contributed 79 percent of GERI’s total reservation sales.

Hotel operations, which comprise hospitality properties in key tourism areas of Boracay and Tagaytay, jumped by 73 percent to P441 million from P255 million during the first three quarters of the year.

This is due to higher occupancy of and revenue per available room compared to year-ago levels because of the continued rise in local tourism and MICE activities.

Leasing revenues from its office and mall properties, on the other hand, grew by 29 percent to P409 million from P317 million in the first nine monts of last year. 

The contribution of retail spaces continues to be the key driver of growth, as commercial rental income accounts for majority of the total leasing revenues for the period. 

This was driven by improving tenant sales brought about by the increase in foot traffic in the company’s commercial developments, particularly in Southwoods City, Twin Lakes, and Alabang West. 

“We will continue to deliver projects that provide the best value to all our investors, and of course, projects that further help boost our country’s tourism industry,” said GERI President Monica T. Salomon.

GERI unveiled residential projects worth P5.8 billion during the period. In the third quarter, the company launched a resort village in Boracay Newcoast with a total inventory of P1.2 billion. The project is due for completion on 2028.