DoubleDragon profits surge on rental income

DoubleDragon Properties Corporation reported that its consolidated net income more than tripled, surging 243 percent to 11.26 billion in the first half of 2018 has reached from 1376.40 million during the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its recurring revenues now account for 39.0 percent of total revenues for the first half of 2018 from 29.0 percent during the same period last year.

DoubleDragon is aiming to generate at least 90 percent of its total revenues from recurring sources by 2020.

“More importantly, DoubleDragon’s recurring revenues has risen 216.5 percent to 1883.29 million for the three months ending June 30, 2018 versus only 1279.12 million during the same period last year primarily from the growth of its rental revenues,” the firm said.

It added that, rental revenues jumped 357.6 percent to 1749.95 million during the three months ending June 30, 2018 from 1163.89 million during the same period last year.

For the three months ending June 30, 2018 the Company’s consolidated net income increased by 143.7 percent year-on-year to 1513.5 million from 1210.7 million during the same period last year.

“Recurring revenues (reached) 11.41 billion for the first half of 2018, almost triple that of the same period last year, and rental income at 11.16 billion for the first half of 2018, more than quadruple that of the same period last year,” said DoubleDragon Chief Investment Officer Hannah Yulo.

She added that, “our financials are now clearly harvesting the hard work we have put into intricately building a valuable leasing portfolio. These are solid revenue contributions that are recurring in nature and will continue to grow organically as we increase our rental yields.”