GERI income down 25% in 2020

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The full year profit of Global-Estate Resorts Inc. (GERI) stood at P1.3 billion last year, a 25-percent decline year-on-year, the company reported on Monday.

The figure excludes its non-recurring gains of P188.5 million in 2019, according to GERI.

The listed subsidiary of Megaworld Corp. also said its consolidated revenues dropped 37 percent to P5.2 billion in 2020.

GERI said its office leasing business remained stable, while its commercial business weakened amid the implementation of quarantine restrictions.

The revenues of its leasing operations slipped by 17 percent to P619 million last year from P747 million in 2019.

The firm’s hotel revenues also posted a 75-percent plunge to P201 million from P814 million year-on-year due to prevailing travel restrictions.

Meanwhile, GERI noted that its residential projects outside Metro Manila were sold more at almost P12 billion last year.

“So many people realized that living outside the busy metropolis is a wise decision to make during this time. Even our Alabang West property, which is still within Metro Manila, but already towards Cavite, sold more than a billion worth of lots in the middle of the lockdown,” GERI President Monica Salomon explained in a disclosure.

“Demand for our residential properties in the provincial areas certainly boosted our revenues, offsetting the downtrend of our leasing businesses, which, just like our peers in the industry, have been affected by this pandemic,” she added.

GERI currently has eight integrated tourism developments covering more than 3,300 hectares of land nationwide.

Shares of GERI lost 2 centavos or 2.38 percent to close at 82 centavos each on Monday.


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