DoubleDragon Properties’ 6-month earnings soar 161% to million

DoubleDragon Properties Corporation booked a 161 percent increase in consolidated net income to R376.4 million for the first six months of 2017 from the same period last year due to robust growth in revenues and improved gross margins.

“We have always believed in the power of careful planning coupled with sheer focus and passionate execution which we put into action in building DoubleDragon,” said DoubleDragon Chairman Edgar “Injap” Sia II.

He added that, “the DoubleDragon team will continue to develop and nurture its four pillars of growth, which comprise of retail leasing, office leasing, industrial leasing and the hospitality business. The Company is focused in areas of the real estate industry where it can achieve a lasting dominant position.”

In its disclosure to the Philippine Stock Exchange, the firm said consolidated total revenues surged 131 percent year-on-year to end the first six months of 2017 at R1.6 billion, boosted by the 4.1 times growth in recurring revenues to R473.3 million for the first six months of 2017 from R92.4 million during the same period last year.

Recurring revenues were a combination of rental revenues from the Compnay’s retail portfolio as well as hotel revenues from DoubleDragon’s recent acquisition of Hotel of Asia Inc. (HOA), which serves as the Company’s hospitality arm.

HOA is growing its two hotel brands, Hotel101 and JinJiang Inn Philippines, and aims to have a combined total of 5,000 hotel rooms by 2020.

The firm currently has 20 operational malls, which include 18 operational CityMalls all of which are above 95 percent leased out on average. Another 12 CityMalls are expected to open before the end of the year together with DoubleDragon Plaza that consists of a retail strip and four office towers.

DoubleDragon Plaza will add about 136,000 square meters of operational leasable space to the DoubleDragon portfolio by the end of the year. DoubleDragon Plaza is only the first of four phases that will comprise the Company’s flagship project DD Meridian Park in the Bay Area.

Once fully completed, DD Meridian Park will deliver about 280,000 square meters of leasable space by 2020. (JAL)