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Global-Estate Resorts profits down by 27%
April 27, 2021 | 12:05 am
GLOBAL-ESTATE Resorts, Inc. (GERI) ended the year with a net attributable profit of P1.09 billion, down by 27% from P1.49 billion in the previous year, due to the decline in real estate sales, rental income, and revenues from hotel operations.
According to a regulatory filing on Monday, the revenues of GERI, the listed tourism estate subsidiary of Megaworld Corp., also slumped by 37% to P5.2 billion from P8.3 billion.
Real estate sales declined by 39% to P3.61 billion from P5.91 billion due to limited selling and construction activities caused by quarantine restrictions. Some project launches for 2020 were also deferred.