Global-Estate Resorts, Inc. Reports 33% Down in Net Income

Megaworld Coporation’s tourism and leisure unit Global-Estate Resorts Inc. (GERI) reported a drop of 33% in net profit from ₱544.07 million in the first quarter of 2019 to ₱364.95 million this year.

GERI also reported a decline in consolidated revenue by 18% from ₱1.87 billion to ₱1.5 billion in the first quarter year-on-year.

Majority of revenue came from real estate sales amounting to ₱1.0 billion, mostly from sales of condominium units, commercial and residential lots in Tagaytay, Boracay, and Southwoods city.

Monica T. Salomon, GERI President said “We remain optimistic for the rest of the year as we expect promising residential lot sales in our sustainable townships and integrated lifestyle communities in the provinces… All these will propel our recovery plans throughout the year.”