Property

Injap Sia’s DDMP REIT posts lower 2020 earnings

DDMP REIT Inc. of bilyonaryo Injap Sia reported a 24% drop in profit last year to P5.09 billion.

READ: PNB spends P2.23B to keep Injap Sia’s DDMP from succumbing to selling pressure

Core net earnings, which exclude fair value gains, went up 5.89% to P1.32 billion while rental income rose 7.6% to P1.91 billion due to the addition of new tenants in DoubleDragon Center West and the full year contribution of Double Dragon Center East.

READ: Bilyonaryos suffer miserable March as Injap Sia falls out of list

The company’s total assets expanded by 7.29% to P45.35 billion while total equity increased by 13.28% to P35.5 billion.

READ: Injap Sia’s DDMP fails to pop in market debut

DDMP REIT approved the distribution of cash dividends amounting to P365.06 million or P0.02047718 per share to all shareholders as of record of April 28. The dividends will be paid on May 10.

Sia said the next round of cash dividends for the first quarter will be declared in May for payment in June.

“We expect the cash dividend value of DDMPR to start to be most efficient to benefit from the REIT incentives by the second quarter of this year since DDMPR only became a REIT company last month,” Sia said.

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