Global-Estate Resorts Inc. (GERI) recorded profit of P1.3 billion in 2020, down 31.58 percent from the prior year’s P1.9 billion.
The company said without the one-off item of P188.5 million in 2019, the decline is 25 percent.
Revenues reached P5.2 billion, down 37 percent from P8.25 billion the prior year.
“Revenues from the company’s leasing operations declined by 17 percent year-on-year to P619 million in 2020 from the previous year’s P747 million. While the office leasing business remained stable, the company’s commercial business softened as a result of pandemic-related restrictions,” the company said.
“Hotel revenues also declined by 75 percent to P201 million in 2020 from P814 million in the previous year as a result of prevailing travel restrictions,” it added.
