EconomyEditor's PickGlobal-Estate Resorts’ income more than triples to P558M

November 8, 2022

ANDREW L. TAN’S Global-Estate Resorts, Inc. (GERI) recorded an attributable net income of P557.8 million in the third quarter, up more than three times the previous year’s P168.3 million, as tourism picked up.

“Our solid quarter reflects our company’s position and commitment to capturing the growing momentum in the tourism and leisure market,” GERI President Monica T. Salomon said in a press release.

In the three months through September, the company’s topline totaled P1.9 billion, higher by 65% from the level recorded last year.

GERI’s real estate sales climbed by 75% to P1.6 billion; hotel revenues increased by more than four times to P97.4 million; and leasing revenues more than doubled to P105.7 million.

“The strong third-quarter performance pushed GERI’s full nine-month income to jump by 70% to P1.5 billion from last year’s P850 million,” the company said.

GERI’s attributable net income climbed by 69% to P1.3 billion for the nine-month period. Consolidated revenues increased by 36% to P4.8 billion after booking 44% higher real estate sales at P3.9 billion.

Leasing revenues were at P317.2 million while hotel revenues reached P255.1 million, up by 34% and by almost three times, respectively.

According to Ms. Salomon, GERI expects stronger growth in the last quarter of the year because of seasonal demand.

“We look forward to sustaining the momentum into the oncoming holiday season as we near our pre-pandemic profitability levels,” she said.

To date, GERI has eight integrated tourism, leisure estates, and lifestyle communities across the country, covering more than 3,300 hectares.

On the stock market on Tuesday, shares in GERI closed unchanged at 85 centavos apiece. — Justine Irish D. Tabile

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