News and Updates
Global-Estate's earnings surge 33% to P405M; hotels lead growth
GLOBAL-ESTATE Resorts, Inc. (GERI) posted a 33.2% increase in its attributable net income of P404.55 million in the second quarter as most of its business segments recorded higher revenues.
#InTheKnow: Revenues surged by 41.5% to P1.74 billion for the April-June period from P1.23 billion in the same period last year, its quarterly financial report filed with the stock exchange showed.
In the first half, the Megaworld Corp. subsidiary recorded a 24% increase in attributable income to P747.58 million in the first half after booking growth in its hotel revenues amid eased mobility restrictions.
“We are seeing the tourism and leisure market gain momentum, benefiting our company which is best positioned to accommodate this return and influx of tourist arrivals,” GERI President Monica T. Salomon said in a press release on Thursday.
Its topline during the first six months grew by 22% to P2.96 billion backed by strong real estate sales, which registered a 29% increase to P2.3 billion.
Hotel revenues, which posted the biggest growth among GERI’s business segments, posted a 253% rise to P158 million attributed to the reopening of hotels to meet the increase in tourist arrivals.
GERI also realized an increase of 11% in reservation sales in its properties in Boracay, Newcoast, Eastland Heights, Twin Lakes and Arden Botanical Estate to P212 million.
Rental income, which benefited from the reopening of the economy, was up by 11% to P212 million.
“Likewise, the continued improvement in mobility has allowed for higher completion of our residential projects, particularly during the second quarter,” Ms. Salomon added.
Recently, the company inaugurated its first convention facility, Boracay Newcoast Convention Center.
“We are keen on having more facilities that will further boost tourism in our various estates around the country,” Ms. Salomon said.
To date, GERI has eight integrated tourism developments across the country covering more than 3,300 hectares.
On the stock market on Thursday, shares in GERI rose by 2.33% or P0.02 to P0.88 apiece.