Global-Estate Resorts Inc. recorded a 15-percent increase in profit last year to P1.5 billion from P1.3 billion the prior year.
Revenues reached P5 billion.
Real estate sales contributed the lion’s share of revenues, registering a 3 percent increase to P3.7 billion as compared to the year before, in line with the expansion in construction activity. Reservation sales hit P17.2 billion, up 25 percent.
Boracay Newcoast led the company’s property sales with P4.1 billion worth of projects sold in 2021, followed closely by Eastland Heights and Alabang West, which registered sales amounting to P3.6 billion and P3.4 billion, respectively,
Leasing revenues revenues hit P409 million, down 34 percent, as consumer confidence remained subdued.
Revenue from hotel operations dropped to P146 million, down 27 percent.
