By James A. Loyola
Global-Estate Resorts, Inc. (GERI), the Philippines’ leading developer of master-planned integrated tourism estates, posted an 11 percent growth in net income to ₱1.9 billion last year from the ₱1.7 billion earned in 2018.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues increased 12 percent to ₱8.5 billion from ₱7.5 billion in 2018.
Real estate sales still anchored the topline while leasing and hotel operations boosted revenues.
Real estate sales dipped to ₱6.1 billion in 2019, from ₱6.4 billion in 2018, coming from the sale of condominium units, as well as residential and commercial lots in Boracay Newcoast, Twin Lakes and Southwoods City.
Last year, GERI registered a record-level sales reservation amounting to ₱19 billion, while it added ₱11 billion worth of new projects in its inventory.
Revenues from the company’s leasing operations surged 75 percent to ₱747 million in 2019 from the previous year’s ₱427 million. The robust growth was sustained as it realized the full year rent of its offices and mall in Southwoods City.