ANDREW L. TAN’S Global-Estate Resorts, Inc. (GERI) reported that its attributable net income for the first quarter rose by 40% to P479 million from the previous year’s P343 million.
“Our strong start to the year raises our confidence that we are on track to hit new heights for GERI. This is also a testament to the quality of our projects and the strength of our brand,” GERI President Monica T. Salomon said in a statement on Thursday.
“Demand continues to grow, and we are committed to capturing new opportunities as we strive to deliver meaningful value to our stakeholders,” Ms. Salomon added.
In the three-month period, the company’s consolidated revenues increased by 56% to P2.1 billion from P1.3 billion in the same period last year.
The company’s real estate sales went up by 63% to P1.7 billion during the period from P1 billion last year, driven by higher completion of its construction projects. Reservation sales also increased by 45% to P5.8 billion.
“The company saw growing demand for residential and commercial properties in its projects at Boracay Newcoast in Aklan, Eastland Heights in Antipolo, Rizal, Twin Lakes in Laurel, Batangas, Southwoods City in Biñan, Laguna, and Arden Botanical Estate in Trece Martires, Cavite,” it said.
Its Ocean Garden Villas property boosted the company’s reservation sales. GERI launched the project during the quarter. The property is valued at P849 million and is set to be completed in 2027. Units are selling for P255,000 per square meter.
Revenues from its hotel business more than doubled to P143 million from P61 million on the back of increasing travel and tourism.
Meanwhile, leasing revenues rose by 10% to P123 million from the P112 million reported in the same period last year due to the increase in rentals from retail spaces.
“Demand continues to grow, and we are committed to capturing new opportunities as we strive to deliver meaningful value to our stakeholders,” Ms. Salomon said.
To date, the company has nine tourism estates and integrated lifestyle communities across the country covering more than 3,300 hectares of land.
On Thursday, GERI shares declined by 1.14% or P0.01 to P0.87 each. — Adrian H. Halili