Global-Estate Resorts, Inc. (GERI), a subsidiary of property giant Megaworld Corp., said net income in the nine months through September jumped 26 percent to P1.6 billion on the back of its leasing and hotel businesses.
The company, which also saw a P189-million non-recurring gain on profits, said total revenues hit P5.9 billion, up 19 percent.
“Our continuing thrust to help boost tourism in the country is even gaining more momentum as we open more hotels across our tourism townships,” Monica T. Salomon, GERI president, said in a statement on Monday.
The company’s hotel operations became the fastest growing segment during the nine months of 2019 as it surged 430 percent to P665 million following new hotel openings in Twin Lakes and Boracay Newcoast.
Rental revenues, on the other hand, almost doubled to P571 million from P294 million during the same period last year.
The company’s real estate business remained stable at P4.2 billion during the nine-month period.
Real estate sales account for over 70 percent of total revenues, which mostly came from the sale of residential and commercial lots as well as condominium units in Twin Lakes, Southwoods City, and Boracay Newcoast.
“The growth in our real estate revenues will be underpinned by project launches from our new and existing townships and integrated lifestyle communities. Moving forward, this should be sustainable as the company has a huge land bank for both vertical and horizontal developments,” Salomon said.—MIGUEL R.CAMUS