Listed GERI Earns P603 Million

Megaworld subsidiary Global-Estate Resorts, Inc. (GERI), the Philippines’ leading developer of master-planned integrated tourism estates, saw its net income attributable to the parent company’s shareholders grew by 11% to P603-million during the first half of the year.

Photo Insert: Southwoods Mall

Total income, however, declined by 12% to P643.3-million. Consolidated revenues reached P2.4-billion, a decrease of 17% compared to last year’s P2.9-billion as the pandemic impact continues to affect the company’s businesses, particularly its hospitality businesses in Boracay and Tagaytay.

While real estate sales reached only P1.8-billion during the first half of the year, down by 16%, reservation sales reached P8.6-billion, a record increase of 48% compared to last year’s P5.8-billion.

The bulk of these reservation sales during the period came from the horizontal residential developments in Eastland Heights (Antipolo), Boracay Newcoast (Boracay Island), and Alabang West (Las Piñas).

The company also registered strong sales for its prime properties in Southwoods City, Twin Lakes, and Arden Botanical Estate. The company launched a new village inside Eastland Heights during the first quarter of the year, which is now 97% sold.

"The demand for horizontal developments is just overwhelming during this time, and we continue to come up with innovative projects to address this growing need of our clients. As we sell new residential products, we also turn over those that are already completed this year, particularly our projects in Twin Lakes and Hamptons Caliraya. We are also on-track to turn over more completed projects next year. These are residential lots in Hamptons Caliraya and condominium units in Boracay Newcoast, and Twin Lakes,” says Monica T. Salomon, Director, President, and Chief Operating Officer.

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