MEGAWORLD Corp. subsidiary Global-Estate Resorts Inc. (GERI) saw its net income in the first half of 2023 grow by 17 percent to P995.87 million from P848.04 million a year earlier.
“Our focus on our tourism townships allowed our company to achieve remarkable growth through the first half of the year. The company’s core businesses, especially those in our destination estates, largely benefited from the increasing tourism in our country,” Global-Estate Resorts President Monica Salomon said in a statement on Tuesday.
“For the second half of this year, we are determined to leverage our expertise and hope to continue capturing the increasing tourism opportunities in the sector,” she added.
Consolidated revenues also rose by 32 percent to P3.91 billion from P2.96 billion in 2022. Real estate sales climbed by 32 percent to P3.1 billion from last year’s P2.3 billion.
Reservation sales also soared by 39 percent to P11.7 billion as demand for residential and commercial properties remained strong, particularly for its projects in Boracay Newcoast, Eastland Heights in Antipolo, Rizal, and Twin Lakes in Laurel, Batangas.
Hotel revenues, meanwhile, doubled to P308 million from P158 million as the company’s hotels experienced higher occupancy and room rates compared to previous years.
Leasing revenues, on the other hand, went up by 29 percent to P273 million from P211 million as foot traffic improved and tenant sales recovered from the slowdown.
GERI’s Tuesday share price rose by 4 centavos to close at P0.83 each.