Global-Estate Resorts income up 2.3% - BusinessWorld bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
Published May 14, 2021, 3:52 PM
Megaworld subsidiary Global-Estate Resorts, Inc. (GERI), the Philippines’ leading developer of master-planned integrated tourism estates, reported a 21 percent improvement in attributable net income to P300 million in the first quarter of 2021.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues decreased by 21 percent to P1.2 billion year-on-year as quarantine restrictions affected some of the company’s core businesses.
GERI booked P4.4 billion in reservation sales during the first quarter of the year, a 104 percent surge compared to the same period last year, as the company continues to capitalize on the prevailing demand for residential and commercial properties even in the middle of a pandemic.
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.