ANDREW L. TAN’S Global-Estate Resorts, Inc. (GERI) expects to sustain its growth momentum as tourism recovers, its president said on Monday.
GERI President Monica T. Salomon told stockholders during their annual meeting that her optimism was based on the “remarkable” performance of the economy, the favorable outlook for the property sector, and the resurgence of tourism and leisure.
“The company is confident that it would sustain its growth momentum in the succeeding years,” she said.
In line with the forecast, the company is banking on its tourism estate portfolio to drive its earning upward.
“The anticipated rise in tourist arrivals due to pent-up demand is expected to boost hotel occupancies and retail spending, benefiting the company’s tourism estates in Boracay and Batangas,” Ms. Salomon added.
She added that GERI’s Boracay Newcoast property is poised to capture the meetings, incentives, conferences and exhibitions or MICE market in the area.
The Boracay property, which is a 150-hectare integrated tourism and leisure estate, opened last year its Boracay Newcoast Convention Center that can accommodate 1,200 individuals.
Ms. Salomon said the site now can host large-scale business events.
“The company seeks to explore and develop different types of tourism, suitable for its tourism and leisure estates,” she said.
During the first quarter, GERI’s attributable net income rose by 40% to P479 million from the previous year’s P343 million. Its consolidated revenues increased by 56% to P2.1 billion from P1.3 billion previously.
A subsidiary of Megaworld Corp., GERI is primarily engaged in the development of integrated tourism and leisure estates, and integrated lifestyle communities with residential, retail, hotel, and leisure components.
Its wholly owned subsidiaries include Novo Sierra Holdings Corp.; Elite Communities Properties Services, Inc.; Savoy Hotel Boracay, Inc.; Belmont Hotel Boracay, Inc.; Twin Lakes Corp.; Megaworld Global-Estate, Inc.; Oceanfront Properties, Inc.; and Global Homes and Communities, Inc.
On Monday, its shares fell by 2.25% or two centavos to P0.87 apiece. — Adrian H. Halili
