GERI optimistic despite COVID

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Global-Estate Resorts Inc. (GERI) said profit for the first quarter of the year reached P365 million, down 32.9 percent from the prior year’s P544 million.

“We remain optimistic for the rest of the year as we expect promising residential lot sales in our sustainable townships and integrated lifestyle communities in the provinces such as Arden Botanical Estate, Eastland Heights, Hamptons Caliraya, and Boracay Newcoast. All these will propel our recovery plans throughout the year,” said Monica Salomon, GERI president.

Revenues reached P1.5 billion, down 11.76 percent from last year’s P1.7 billion.

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GERI said revenues from its leasing operations registered a 3–percent increase to P186 million, primarily from Southwoods Office Towers.

Salomon said despite temporary suspension of hotel operations of Twin Lakes Hotel in Batangas  as well as Savoy Hotel and Belmont Hotel in Boracay Newcoast, Aklan, hotel revenues reached P149 million in the first quarter of 2020.

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