MANILA, Philippines — Andrew Tan-led Global-Estate Resorts Inc. (GERI) reported a net income of P897.6-million in the first nine months of the year, down 34 percent from P1.4 billion a year ago.
This is due to the challenging business environment as a result of strict quarantine measures imposed by the government to arrest the spread of COVID–19.
Likewise, rental income registered a year-on-year decline of 22 percent to P443.3 million from P570.7 million last year due to the pandemic’s effect to its mall operations in Southwoods City.
Hotel operations also slowed down by 75 percent to P166.9 million during the nine-month period due to the closure of tourism-related businesses during the lockdown.
Consolidated revenues during the nine-month period also fell 35 percent to P3.8 billion as quarantine restrictions slowed down construction.
However, GERI said residential sales streak continued with the company able to sell around P4.1 billion worth of reservation sales for its various residential projects during the third quarter.
This is a 14 percent jump from P3.6 billion during the second quarter when the country was on strict lockdown due to COVID-19.
During the second quarter, GERI reported that its reservation sales almost doubled from the January-March period.
“Most of the reservation sales were registered from the company’s 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,” GERI said.
“Our residential business has been doing so well quarter after quarter even if we are still reeling from the impact of COVID-19,” said GERI president Monica Salomon.
Moving forward, the company remains optimistic that the strong demand for properties outside of Metro Manila will continue.
GERI is launching commercial lots for boutique hotels in its 300-hectare Hamptons Caliraya in Cavinti, Laguna. Called Lakefront Esplanade, this boutique hotel district inspired by American colonial houses offers select 18 lots ranging from 450 square meters to 900 square meters and with a total projected sales value of almost half a billion pesos.
GERI has also resumed its hotel operations in Tagaytay and Boracay in a move to help boost revenues.
At present, GERI has eight integrated tourism developments across the country covering more than 3,300 hectares of land.
#realestateblogph | #realestateblogphpropertynews | #REBPH
Article and Photo originally posted by Philippine Star last November 11, 2020, 12:00am.
About Post Author
More Stories
Banks’ total assets up at P26.2 trillion end-June
Lamudi sees heightened developer confidence with rise in ad spending
Phase 1 of PHINMA’s Bacolod township to finish by next year