PROPERTY developer DoubleDragon Properties Corp. grew its six-month net profit by 47 percent year-on-year to P124 million as the company started to unlock values from two residential projects in the metropolis.
For the second quarter alone, DoubleDragon’s net profit rose to P88 million from P63 million in the previous year.
Total revenue for the first semester expanded by 57 percent year-on-year to P612 million on the back of sales recognized from WH Taft Residences which is near the La Salle University campus on Taft and The Skysuites Tower, on Edsa corner Quezon Avenue. The latter is expected to be completed by 2018.
“Both are interim projects that DoubleDragon strategically acquired to generate early year cash flow from sales while it builds up its leasing portfolio and it transitions into becoming a 90-percent recurring revenue company by 2020,” the company said.
DoubleDragon said it was expecting to recognize “substantial” revenue and earnings toward the end of the year as it progresses in the completion of interim projects.
By 2020 when it would have achieved its goal to develop a million square meters of leasable space, DoubleDragon expects to generate P4.8 billion in annual net income. By 2016, it expects to have built enough commercial assets to breach the P1-billion mark in net profit.
In the meantime, DoubleDragon opened its first shopping mall in Luzon under the CityMall brand chain along Aguinaldo Highway at Anabu in Imus, Cavite. The first five CityMalls are now operating.
The CityMall brand is envisioned to become the largest branded community mall player in the Philippines. At present, 20 additional CityMalls are being constructed across the country and are expected to be turned over to tenants by the end of this year.
The chain is expected to have 30 malls operating by 2016.
DoubleDragon has secured a 32 locations for this business to date, in line with vision to have 100 malls by 2020.