Global-Estate Resorts reports double-digit profits growth in H1

MANILA, Philippines — Global-Estate Resorts Inc. posted a double-digit profits growth in the first half, as the company focuses on its tourism townships.

Net income in the January-June period grew 17% year-on-year to P996 million, the Andrew Tan-led company told the stock exchange on Tuesday.

Global-Estates said its real estate, rental and hotel businesses posted robust performance during the period.

Figures showed consolidated revenues jumped 32% on-year to P3.9 billion in the first half.

By segments, the company’s real estate business led the growth and accounted for 79% of its total revenues. Real estate sales grew 32% compared with a year ago to P3.1 billion.

“Our focus on our tourism townships allowed our company to achieve remarkable growth through the first half of the year. The company’s core businesses especially those in our destination estates largely benefited from the increasing tourism in our country,” Monica Salomon, company president, said.

“This second half, we are determined to leverage our expertise and hope to continue capturing the increasing tourism opportunities in the sector,” she added.

Shares in Global-Estate ended Tuesday’s training with 5.06% gains.