DoubleDragon net profit up 117% in Q1

Newly listed property developer DoubleDragon Properties Corp. expects to end 2014 with a net profit of over P340 million on the back of fresh revenues from a new shopping center in Divisoria, Manila.

In the first quarter, DoubleDragon’s net profit grew by 117 percent to P21.2 million, buoyed by a 142-percent rise in revenues to P172.5 million.

The company is on track with its profit target to net P1 billion by 2016, and P4.8 billion by 2020.

“We expect continuous growth to be driven by current and near-term developments,” DoubleDragon chair and CEO Edgar Sia II said in a statement.

The company aims to complete the Divisoria mall by September in time for the Christmas shopping rush.

If DoubleDragon were to realize its P340-million profit outlook this year, it would mark a 168-percent growth from that of 2013.

Last year, DoubleDragon posted a net profit of P126.63 million—37 percent higher than that of the previous year.

In the first three months of the year, revenues from real estate rose by 139 percent to P170.7 million.

DoubleDragon recently signed an agreement to acquire the rights, title and interests of Equitable Development Corp. and Menlo Capital Group over a 5,972-square meter property in Divisoria. It would be the site of its new “Dragon Shopping Center.”

DoubleDragon, a joint venture of Edgar Sia II and Tony Tan Caktiong of Jollibee, will invest close to P24 billion to build a chain of 100 community malls in the next five to six years.  Doris C. Dumlao