GERI net income up 11% to P1.9 billion

MANILA, Philippines — Global-Estate Resorts Inc. (GERI), developer of master-planned integrated tourism estates, grew its net income by 11 percent to P1.9 billion last year.

Consolidated revenue grew 12 percent to P8.5 billion.

Among the different segments, real estate sales were the top growth driver while leasing and hotel operations boosted revenues.

Real estate sales reached P6.1-billion, mainly coming from the sale of condominium units as well as residential and commercial lots in Boracay Newcoast, Twin Lakes and Southwoods City.

Sales reservation amounted to P19 billion, while new projects reached P11 billion.

Likewise, revenue from the company’s leasing operations grew 75 percent to P747 million.

The excellent growth was sustained as it realized the full year rent of its offices and mall in Southwoods City.

From the hotel business, GERI raked in revenue of P814 million, up 263 percent. This came from the opening Twin Lakes Hotel and the reopening of the hotels in Boracay Newcoast in October 2018.

GERI president Monica Salomon said the company’s available residential inventory in various tourism townships are mostly in the provinces.

These are Southwoods City, Boracay Newcoast, Eastland Heights, Sta. Barbara Heights, Arden BotanicalEstate, and Hamptons Caliraya.

“This will allow us to sustain our real estate sales moving forward,” she said, noting that these developments outside Metro Manila provide residential buyers with natural surroundings.

At present, GERI has eight integrated tourism developments across the country covering more than 3,300 hectares of land. These are spread in different parts or the country.