GERI’s 9-mo earnings rise

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Global-Estate Resorts Inc. (GERI) said profit for the first nine months of the year rose 2 percent to P1.5 billion from P1.4 billion last year.

Revenues hit P6 billion, up 25 percent from P4.8 last year, with real estate sales hitting P4.7 billion, a 22 percent increase from last year’s P3.9 billion.

Hotel revenues grew 73 percent to P441 million from P255.1 million, while rental income  office and mall properties rose 29 percent to P409.4 million from P317.2 million.

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The company said the growth in real estate sales was  driven by bookings from its various projects in Boracay Newcoast, Southwoods City in Laguna, and Twin Lakes in Laurel, Batangas.

Reservation sales went up 15 percent to P15.6 billion. GERI launched P5.8 billion worth of residential projects  for the period.

“We will continue to deliver projects that provide the best value to all our investors, and of course, projects that further help boost our country’s tourism industry,” said Monica Salomon, GERI president.

 

 

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