GERI, Emperador post higher earnings in Q1
Iris Gonzales (The Philippine Star) - May 15, 2019 - 12:00am

MANILA, Philippines — Global-Estate Resorts Inc. (GERI), an  integrated tourism and leisure estates developer owned by tycoon Andrew Tan, posted a net income of P477 million in the first quarter, up 41 percent year-on-year.

Rental income, hotel operations and residential development drove earnings.

Consolidated revenue excluding non-recurring gains rose 20 percent to P1.7 billion.

GERI president Monica Salomon said the company has laid the groundwork and has put in place the right investments to boost its rental income business.

“We believe that we have made the right investments to secure our rental income early on as this is now providing stability in GERI’s earnings, which is evident in our results the past several years. We plan to further solidify this side of the business as we add more investment properties across our lineup of tourism townships and integrated lifestyle communities in the country,” Salomon said.

Rental income during the period more than doubled to P180 million from P87 million.

Hotel operations likewise grew 78 percent to P171 million on the back of new hotel openings such as the Savoy Hotel Boracay in Boracay Newcoast and Twin Lakes Hotel in Twin Lakes, Laurel, Batangas near Tagaytay.

Aside from these hotels, the company is set to open another hotel in Boracay Newcoast this year, the Belmont Hotel Boracay, which will have around 450 rooms.

GERI’s residential sales increased by five percent to P1.24 billion. Last year, the company launched new residential projects in Twin Lakes and Southwoods City.

Another Tan-owned company Emperador Inc. meanwhile, reported a 10 percent income growth in the  first quarter to P1.74 billion. 

Emperador is behind the iconic Emperador Brandy, Fundador Spanish Brandy de Jerez and the luxury Single Malt Scotch Whisky The Dalmore.

The company raked in P11 billion in revenue, up 13 percent.

“Following 2018’s exceptional year with business growing in every region of the world - from Europe to North America, from Middle East to Africa, and from the Pacific to Asia, whisky and premium brandy sales in the first three months of 2019 again proved to be strong.  This continues to be driven by our malt whisky and premiumization strategy,” said Emperador president Winston Co.

Emperador introduced three malt whiskies to enhance the malt portfolio of Whyte and Mackay in the last two years – Tamnavulin, Fettercairn and Shackleton.

GLOBAL-ESTATE RESORTS INC. MONICA SALOMON TOURISM
Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with