Global-Estate Resorts Inc. (GERI) grew its profit in the first half of the year by 17 percent to P996 million from last year’s P848-million.
Revenues rose 32 percent to P3.9 billion from P3.0 billion.
GERI’s real estate business leads the company’s growth and accounts for 79 percent of its total revenues. Real estate sales grew by 32 percent to P3.1 billion from last year’s P2.3 billion.
Reservation sales went up 39 percent to P11.7 billion as demand for GERI’s residential and commercial properties remained strong, particular for its projects in Boracay Newcoast, Eastland Heights in Antipolo, Rizal, and Twin Lakes in Laurel, Batangas.
“The newest project Ocean Garden Villas Cluster C in Boracay Newcoast, which was only launched earlier this year, is now 94 percent sold as of end-June. This project is valued at P817 million,” the company said.
Hotel revenues, doubled to P308 million from last year’s P158 million, with the company’s hotels enjoying higher occupancy and room rates compared to year-ago levels due to the continued rise in local tourism and travel.
Leasing revenues rose by 29 percent to P273 million from last year’s P211 million. The contribution of retail spaces to the company’s leasing income grew from year-ago level as foot traffic and tenant sales recovered from the slowdown.
