Property

Pandemic-resilient: DoubleDragon H1 profit soars on strong rental income growth

Bilyonaryo Injap Sia’s DoubleDragon Properties Corp. doubled its first half earnings to P4.4 billion on the back of robust rental income.

Cosolidated revenues jumped 45% to P8.11 billion.

Excluding unrealized fair value gains for both periods, core revenues have remained stable while core net income grew more than fourfold to P578.29 million.

The company ended the first semester with total assets of P118.25 billion while total equity amounted to P47.86 billion.

Debt-to-equity now stands at 0.94x far below its loan covenant debt-to-equity cap of 2.33x which translates to unutilized debt capacity of P66.47 billion.

Last July, DoubleDragon successfully raised $75 million from the issuance of 5-year dollar bonds which are now listed on the Singapore Exchange Securities Trading Ltd.

The company aims to build a leasable portfolio of 1.2 million square meters by 2022, spread across its core business segments.

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