DoubleDragon’s income up by 6% in first three quarters
Property developer DoubleDragon Properties Corp. posted P749.3 million net income in the first three quarters of 2016, higher by 6% than P706.6 million in the same period last year, mainly due to higher rental earnings.
In its disclosure to the Philippine Stock Exchange, DoubleDragon also reported P2 billion gross revenues during the period, higher by 15.4 percent than the P1.7 billion in the first three quarters of 2015.
The company attributed the higher earning to increased rental revenues and sales from its existing projects namely W.H. Taft Residences, The SkySuites Tower, DD HappyHomes and Dragon8 Mall – Divisoria.
“We expect rental revenues to continue to gain momentum as we shift into the 90 percent recurring revenue business model by 2020,” DoubleDragon chairman Edgar Injap Sia II said in a statement.
The company reported P40.7 billion total assets, up by 46.9% from P27.8 billion in the end of 2015, attributed to P8.5 billion increase in investment on various projects undergoing construction. The company’s total investment on properties now stands at P28.5 billion.
Sia said they expected the income growth to continue in the last quarter of the year following the company’s 70 percent acquisition of Hotel of Asia Inc. (HOA) to serve as DoubleDragon’s hospitality arm.