GERI records P365M Q1 profit
July 1, 2020
Global-Estate Resorts, Inc. (GERI), the Philippines’ leading developer of master-planned tourism and leisure townships and integrated lifestyle communities, recorded a net profit of P365 million in the first quarter of 2020. Excluding non-recurring gains in 2019, net profit grew 3% year-on-year.
Consolidated revenues reached P1.5 billion in the first quarter of 2020 fueled by Real Estate Sales of P1.0 billion, mostly coming from the sale of condominium units, residential and commercial lots in Boracay Newcoast, Twin Lakes and Southwoods City.
Revenues from the company’s leasing operations, meanwhile, registered a 3% increase to P186 million in the first three months of the year, primarily from Southwoods Office Towers.
“We remain optimistic for the rest of the year as we expect promising residential lot sales in our sustainable townships and integrated lifestyle communities in the provinces such as Arden Botanical Estate, Eastland Heights, Hamptons Caliraya, and Boracay Newcoast. All these will propel our recovery plans throughout the year,” says Monica T. Salomon, president, GERI.
Despite temporary suspension of hotel operations of Twin Lakes Hotel in Batangas as well as Savoy Hotel and Belmont Hotel in Boracay Newcoast, Aklan, hotel revenues reached P149 million in the first quarter of 2020. Currently, GERI, a subsidiary of property giant Megaworld, has eight (8) integrated tourism and leisure developments across the country covering more than 3,300 hectares of land namely: Twin Lakes in Laurel, Batangas (1,200 hectares); Southwoods City in Biñan, Laguna and Carmona, Cavite (561 hectares); Alabang West in Las Piñas City (62 hectares); Boracay Newcoast in Boracay Island, Aklan (150 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); and The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares); and Arden Botanical Estate at the boundary of Trece Martires and Tanza in Cavite (251 hectares) .