(GERI) is the leading developer of master-planned integrated tourism estates in the Philippines, with a current landbank of 3,100 hectares in major tourist areas ...
GERI: Last: 0.75; Range ( 0.74 to 0.95 ) PE: 4.78, BV: 2.90 ye'22
C07896: Global-Estate Resorts press release - 11/08/2023
"GERI'S CORE BUSINESSES CONTINUE TO GROW IN FIRST 9 MOS OF 2023"
Megaworld subsidiary Global-Estate Resorts, Inc. (GERI) reported solid performances of its core businesses during the first nine months of the year, highlighted by its strong real estate sales, hotel and leasing operations during the period.
Consolidated revenues grew by a strong 23% to P6.0-billion from P4.8-billion in the same period last year. Net income remained at P1.5-billion considering more vertical projects were sold this year compared to mostly horizontal projects last year. GERI's real estate business continue to lead the company's growth and accounts for the lion's share of its total revenues.
Real estate sales grew by 22% to P4.7-billion from last year's P3.9-billion, driven by bookings from its various projects in Boracay Newcoast, Southwoods City in Laguna, and Twin Lakes in Laurel, Batangas. Reservation sales, on the other hand, increased by 15% to P15.6- billion during the first nine months of the year. Projects in Boracay Newcoast, Eastland Heights in Antipolo, Rizal, and Twin Lakes contributed 79% of GERI's total reservation sales.
Hotel operations, which comprise hospitality properties in key tourism areas of Boracay and Tagaytay, grew by 73% to P441-million from P255-million during the three quarters of the year due to higher occupancy of and revenue per available room compared to year-ago levels because of the continued rise in local tourism and MICE activities. Leasing revenues from its office and mall properties, on the other hand, grew by 29% to P409-million from P317-million last year. The contribution of retail spaces continues to be the key driver of growth, as commercial rental income accounts for majority of the total leasing revenues for the period. This was driven by improving tenant sales brought about by the increase in foot traffic in the company's commercial developments, particularly in Southwoods City, Twin Lakes, and Alabang West.
===
80.4%? stake
(GERI) was established; and, in 2013, AGI subsidiary Megaworld Corporation acquired an ownership interest in the company. Aligned with the consolidation of all of AGI's property development businesses, Megaworld acquired AGI's stakes in GERI by 2014, officially making the company a subsidiary of Megaworld.