GERI nets P619M

    640

    Global-Estate Resorts Inc. (GERI) recorded profit of P619.46 million in the first nine months of the year, down 54.45 percent from last year’s P1.36 billion.

    Revenues reached P3.86 billion, down 34.79 percent from last year’s P5.92 billion.

    Rental income was at P443.3 million, down 22 percent from P570.7 million last year. Hotel operations posted revenues of P166.9 million, down 75 percent from P665.3 million last year.

    Residential sales rose 14 percent to P4.1 billion in the third quarter from the P3.6 billion booked in the second quarter mostly from horizontal developments, particularly the commercial and village lots in Boracay Newcoast, residential lots of Arden Botanical Estate in Cavite, and residential lots of Eastland Heights in Antipolo, Rizal.