DoubleDragon nets P2.53B

DoubleDragon chair and CEO Edgar Sia II (third from left) at the company’s stockholders meeting on Aug. 30, 2017

Property developer DoubleDragon Properties Corp. posted P2.53 billion in net profit last year, up by 71.8 percent from the previous year, boosted by higher recurring revenues.

DoubleDragon’s recurring revenue rose by 3.76 times to P1.31 billion last year as rental revenues grew by 238.4 percent to P909.2 million, DoubleDragon disclosed to the Philippine Stock Exchange on Friday.

Recurring revenue now accounts for 19.8 percent of the company’s total revenues in line with its plan to have 90 percent of its revenues from recurring sources by 2020.

Total revenue rose by 78.1 percent to P6.61 billion for the year.