Global-Estate Strong Demand, P1.3-B Posting Profit on Sales Growth

MEGAWORLD Corp. Subsidiary Global-Estate Resorts, Inc. (GERI) announced on Monday that its earnings for the parent company’s shareholders increased 21% P1.3 billion in 2021 due to strong demand and real estate sales.

“For 2021, we continue to capitalize on strong property demand in the provinces. Monica T., President of GERI. In addition to the underlying attraction of owning a place that allows you to interact more closely with nature, Salomon said in a statement that the past few years have also highlighted the potential for real estate ownership as an investment.

“In fact, the underlying land values ​​for our offers continue to appreciate at a rapid pace despite the epidemic,” he added.

Net income rose 15% to P1.5 billion while consolidated revenue reached P5 billion, no comparative figure was given.

Real estate sales were the biggest contributor to revenue of P3.7 billion, with growth of 3% in 2021, in line with the expansion of construction activities.

In the fourth quarter, real estate sales rose 49% to P1 billion.

The agency said demand also came from holiday developments, with reservation sales growing 25% year-on-year to P17.2 billion.

Its Borake Newcoast development led the company’s property sales last year with P4.1 billion P4.1 billion, followed by Eastland Heights and Alabang West with P3.6 billion and P3.4 billion, respectively.

Meanwhile, lease revenue fell 34% to P409 million because “consumer confidence was stagnant for the 2021 majority.”

Revenue from hotel operations fell 27% to P146 million from P201 million in the previous year as a result of the travel ban.

However, hotel revenue rose 231% to P78 million in the fourth quarter due to a resurgence in bookings from the relaxation of lockdown restrictions.

“Increased economic activity in the last few months of the year is indeed a blessing for us. In addition, relaxation of travel requirements will help keep our hotel activities ramp-up, which relies heavily on leisure and tourism-related activities, ”added Mrs. Salomon.

GERI has eight integrated tourism developments across the country covering more than 3,300 hectares of land in Batangas, Cavit, Aklan, Iloilo and Rizal.

On the stock exchange on Monday, GERI shares were unchanged at P0.88. – Luisa Maria Jacinta c. Jackson