Global Estate Earns P207M In Q3

Megaworld subsidiary Global-Estate Resorts, Inc. (GERI), the Philippines’ leading developer of master-planned integrated tourism estates, reported a 22% increase in its net income for the third quarter from P169-million last year to P207-million this year as real estate sales and hotel revenues bounced back with eased pandemic restrictions during the period.

Photo Insert: GERI's Boracay Newcoast

Net income attributable to the parent company’s shareholders surged 125% to P168-million during the quarter compared to last year’s P75-million. Consolidated revenues from core businesses reached P1.14-billion during the third quarter with hotel revenues soaring 335% to P23.5-million and real estate sales increasing by 16% to P889-million, primarily due to the increase in construction activities during the period.

GERI’s full nine months performance, however, remained almost flat as total income achieved during the period reached P850-million. Net income attributable to parent company’s shareholders during the period, on the other hand, was up 25% to P772-million this year from last year’s P619-million.

The company registered real estate sales of P2.7-billion for the first nine months of 2021, 8% lower than the P2.9-billion achieved last year.

Continued demand for leisure properties and residential lots bolstered reservation sales for the period ending September 2021, which increased by 33% year-on-year to P13.2-billion. The bulk of sales came from GERI’s offerings in its Boracay Newcoast, Alabang West, and Eastland Heights townships, which amounted to P8.9-billion.

The company also registered strong sales for its property offerings in Southwoods City, Twin Lakes, and Arden Botanical Estate, which amounted to P3.5-billion.

For the first nine months of 2021, leasing revenues declined by 47% year-on-year to P236.5-million as consumer sentiment remained subdued. Meanwhile, revenue from hotel operations also declined by 59% as compared to the same period last year due to prevailing travel restrictions.

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