DoubleDragon profit surged in Jan. to Sept.

MANILA, Philippines–Developer DoubleDragon Properties Corp. posted a nine-month net profit of P337.8 million, about 11 times higher than year-ago level, as it unlocked more revenues from residential and commercial projects.

This performance brought the company on track to hitting its P525 million net income target for the whole year, DoubleDragon told the Philippine Stock Exchange yesterday.

Net income in the third quarter jumped to P253.8 million from only P15.5 million in the same period last year.

Significant revenues from existing and new businesses are expected to continue flowing in during the last quarter of the year, the company added.

“The company enjoyed strong demand for its various projects and our whole team remains thankful for the continued support of everyone” said DoubleDragon chair Edgar Sia II.

DoubleDragon reported a “very good momentum” in executing its commercial/office projects in Metro Manila and community mall projects in key areas around the country.

Among ongoing projects in various stages of construction are: The SkySuites Corporate and Residential Towers; The Meridian Park project located at the corner of Edsa and Macapagal Avenue in Pasay City; WH Taft Residences beside De La Salle University Taft Avenue; Dragon8 Shopping Center-Divisoria; and the company’s flagship project–CityMall chain, which is envisioned to become the largest branded community mall network in the Philippines.–Doris C. Dumlao