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Global-Estate Resorts Inc. (GERI) reported a 12-percent decline in profit in the first half of the year to P643.3 million from last year’s P731.02 million.
Profit less minority interest hit P603 million, up 11 percent.
Revenues amounted to P2.4 billion, down 17 percent from P2.9 billion last year as the pandemic continues to affect the company’s businesses, particularly its hospitality businesses in Boracay and Tagaytay.
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Global Estate said while its real estate sales for the period only reached P1.8 billion, down 16 percent, its reservation sales hit P8.6 billion, up 48 percent from last year’s P5.8 billion.
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