DoubleDragon net income up 6% to P749M

DoubleDragon Properties Corp. (DD) posted a net profit attributable to equity holders of parent firm of P749.35 million in the first nine months, up 6 percent on higher rental income and sales of real estate and leasehold rights.

Bulk of the profit was realized in the third quarter when attributable net profit amounted to P617.8 million, up 5.8 percent on higher sales revenues and improved gross profit margins.

Income from rental for the first nine months increased by more than five-fold to P152 million from only P28.5 million in the same period last year, seen to mark the company’s transition into the recurring-revenue model.

“In just over two years since DoubleDragon unveiled its 2020 vision, we are glad to have witnessed how the company has evolved toward its vision. I am personally honored to be part of such a vibrant, young, hardworking and dynamic team. We see the future holding an incredible amount of opportunity for DoubleDragon as the vision enfolds,” said DD chief investment officer Hannah Yulo.

DD aims to build up a million square meters of prime leasable space by 2020, bulk of which will come from a chain of 100 community malls around the country branded as “CityMall.” By that time, 90 percent of the business is expected to come from its leasable portfolio.

DD’s total nine-month revenues rose by 15.4 percent. —DORIS DUMLAO-ABADILLA