Megaworld Corp. subsidiary Global-Estate Resorts Inc. reported net income in the first half growing by 17 percent to P996 million from last year’s P848 million as its real estate, rental and hotel businesses operations posted robust performance during the period.
Attributable net income grew by 13 percent to P848 million from last year’s P748 million.
Consolidated revenue grew 32 percent to P3.9 billion from P3 billion in the same period last year.
“Our focus on our tourism townships allowed our company to achieve remarkable growth through the first half of the year. The company’s core businesses especially those in our destination estates largely benefited from the increasing tourism in our country. This second half, we are determined to leverage our expertise and hope to continue capturing the increasing tourism opportunities in the sector,” Monica T. Salomon, company president, said.
GERI’s real estate business leads its growth and accounts for 79 percent of total revenue. Real estate sales grew 32 percent to P3.1 billion from last year’s P2.3 billion.
Reservation sales also soared 39 percent to P11.7-billion in the first half.
Demand for GERI’s residential and commercial properties remained strong, particularly its projects in Boracay Newcoast, Eastland Heights in Antipolo, Rizal, and Twin Lakes in Laurel, Batangas.
Its newest project, Ocean Garden Villas Cluster C in Boracay Newcoast, launched earlier this year, is 94 percent sold as of end-June. The project is valued at P817 million.
Hotel revenue doubled to P308 million from last year’s P158 million. Its hotels enjoy higher occupancy and room rates compared to year-ago levels due to the continued rise in local tourism and travel.
Leasing revenue, likewise, rose 29 percent to P273 million from last year’s P211 million. The contribution of retail spaces to its leasing income grew as foot traffic and tenant sales recover from a slowdown.
