GERI records 15% revenue growth in 2021

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The net profit of Global-Estate Resorts Inc. (GERI), a subsidiary of MEGAWORLD, increased by 15% at the end of 2021 to reach 1.49 billion pesos against 1.30 billion pesos in 2020, according to GERI President Monica Salomon at the company’s annual meeting of shareholders.

GERI’s consolidated revenue, however, decreased by 4%, from 5.2 billion pesos in 2020 to 4.99 billion pesos in 2021. This drop contrasts with the increase in operating expenses of 3.25 billion pesos in 2020 to 3.31 billion pesos in 2021.

“For income, the bulk came from property sales, rental income, service income, and financial and other income,” Salomon explained. However, total rental income and total hotel operating income have declined this year due to the ongoing pandemic and rising costs.

The company’s property sales have increased by 3% this year, from 3.6 billion pesos in 2020 to 3.7 billion pesos in 2021, with the bulk coming from the sale of lots in its various properties such as Newcoast Village in Malay, Aklan; Twin Lakes Domaine Le Jardin and Lucerne at Domaine Le Jardin in Laurel, Batangas; Pahara in Southwoods City, Las Pinas; and Eastland Heights in Antipolo, Rizal.

Sales of condominium units in developments such as Oceanway Residences One, Ocean Garden Villas, Savoy Hotel, Belmont Hotel and Chancellor Hotel in Boracay Newcoast; Holland Park and Tulip Gardens in Southwoods City; and Vineyard Residences and The Manor in Twin Lakes, Tagaytay also contributed to the revenue increase.

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