Global-Estate Resorts Inc. (GERI) grew its first quarter profit of 2023 by 37 percent to P566 million from P412 million in the same period the prior year.
Revenues jumped 56 percent to P2.1 billion from P1.3 billion last year.
“The company continues its path of growing past pre-pandemic performance on the back of the sustained recovery of the economy and strong demand for leisure properties,” the Megaworld-affiliated realtor said.
Monica Salomon, GERI president, said the company is “on track to hit new heights.”
“This is also a testament to the quality of our projects and the strength of our brand. Demand continues to grow, and we are committed to capturing new opportunities as we strive to deliver meaningful value to our stakeholders,” she said.
GERI said real estate sales grew 63 percent to P1.7 billion from last year’s P1 billion as a result of higher construction completion. Reservation sales grew by 45 percent to P5.8 billion.
Salomon said GERI saw growing demand for residential and commercial properties in its projects at Boracay Newcoast in Aklan, Eastland Heights in Antipolo, Rizal, Twin Lakes in Laurel, Batangas, Southwoods City in Biñan, Laguna, and Arden Botanical Estate in Trece Martires, Cavite.
Hotel revenues more than doubled to P143 million from last year’s P61 million as the company’s hospitality business benefited from the rise of local tourism and travel.
“Leasing revenues, on the other hand, grew double-digit by 10 percent to P123 million from last year’s P112 million. These were achieved by the growth in rental in retail spaces in Southwoods City, Alabang West, and Twin Lakes,” the company said.
