DoubleDragon profit grows 350% to M in Q1

DoubleDragon Properties Corporation reported that its consolidated net income surges 3.5 times to R744.56 million in the first quarter of 2018 from R165.67 million during the same period last year.

In a disclosure to the Philippine Stock Exchange,, DoubleDragon said its recurring revenues have risen 173.7 percent to R531.38 million for the first three months of 2018 from R194.18 million during the same period last year.

This is primarily from the growth of its rental income which grew 291.9 percent to R409.71 million during the first three months of 2018 compared to R104.54 million during the same period last year.

Recurring revenues now account for 29.0 percent of the company’s total revenues as it continues its shift towards its goal of becoming a 90 percent recurring revenue company by 2020.

The four office towers of DoubleDragon Plaza, the first phase of DD Meridian Park, is now 98.2 percent leased out and will substantially contribute to consolidated rental revenues starting this year.

Majority of the Company’s leasable portfolio still remains in retail with its 29 operational malls nationwide in line with its goal of having 50 malls completed by this year.

All operational CityMalls are averaging 95.0 percent leased out as of the end of the first quarter of 2018.

“This quarter is quite significant for DoubleDragon as it is the first time we have exceeded R500 million in recurring revenue in just three months time marking the beginning of the realization of the projects we have been building, said DoubleDragon Chairman Edgar “Injap” Sia II.