Property developer DoubleDragon Properties Corp. saw a 1,605-percent year-on-year surge in second-quarter net profit to P63.1 million as it unlocked more revenues from existing and new real estate businesses.
This brought DoubleDragon’s six-month net profit to P123.3 million, up by 526 percent year-on-year to P84.3 million.
The company expects to sustain its upward earnings trajectory, noting it was on track to meet its P525-million net profit goal for 2014.
DoubleDragon expects the bulk of the full-year earnings to pour in during the second half of the year.
“We expect continued growth in the Philippine property sector, most notably in the commercial retail and office segments,” DoubleDragon chair and chief executive officer Edgar Sia II said in a statement on Monday.
DoubleDragon aims to reach P1 billion in net profit by 2016 and further grow this annual bottom line to P4.8 billion by 2020, during which it expects to be among the leading property players in the Philippines. Through 2020, DoubleDragon aims to open a chain of 100 community shopping malls under the “CityMall” brand.
The first CityMalls are expected to open this year, the first of which will open on Dec. 12 in Roxas City —to coincide with the 11th year founding anniversary of the first Mang Inasal branch.
“Just like Mang Inasal, we envision CityMall to become a successful household brand that every Filipino can be proud of,” said Sia, who founded the grilled chicken restaurant chain. Doris C. Dumlao