Global-Estate Resorts Inc. (GERI), the Andrew Tan-led listed developer of master-planned integrated tourism estates, reported a 12 percent decline in total income to P643.3 million in the first half of the year.
However, it noted that net income attributable to the parent company’s shareholders was up 11 percent to P603 million.
Consolidated revenues likewise declined to P2.4 billion, down 17 percent from last year’s P2.9 billion as the pandemic impact continues to affect the company’s businesses, particularly its hospitality businesses in Boracay and Tagaytay.
Real estate sales reached P1.8 billion during the first half of the year, down by 16 percent but reservation sales grew 48 percent to P8.6 billion.
The bulk of these reservation sales during the period came from the horizontal residential developments in Eastland Heights (Antipolo), Boracay Newcoast (Boracay Island), and Alabang West (Las Piñas). The company also registered strong sales for its prime properties in Southwoods City, Twin Lakes, and Arden Botanical Estate.
Monica Salomon, president of GERI said demand for horizontal developments is overwhelming during this time.
“We continue to come up with innovative projects to address this growing need of our clients. As we sell new residential products, we also turn over those that are already completed this year, particularly our projects in Twin Lakes and Hamptons Caliraya. We are also on-track to turn over more completed projects next year. These are residential lots in Hamptons Caliraya and condominium units in Boracay Newcoast, and Twin Lakes,” she said.
Leasing revenues declined 45 year year-on-year to P190-million as concessions granted to rental partners remain in place as did hotel revenue, which dropped 72 percent as compared to the same period last year due to prevailing travel restrictions.
Quarter-on-quarter, the company’s net income is almost flat at P320 million during the second quarter, while net income attributable to parent company’s shareholders also remains almost unchanged at P303 million.
Real estate sales also remained flat at P911-million quarter-on-quarter while rental income dropped 41 percent percent.
On the other hand, hotel operations during this period grew three percent as eased restrictions allowed the partial opening of the company’s hotels in Boracay and Tagaytay.