DoubleDragon profit rose by 10.4% in 9 months

Property developer DoubleDragon Properties Corp. grew net profit in the first nine months by 10.4 percent year-on-year to P1.54 billion as recurring revenue expanded.

Recurring revenue, which has exceeded P2 billion, now account for 43.1 percent of total revenue. Its goal is to be a 90-percent recurring revenue company by 2020.

The P2.03 billion in recurring revenue booked in the first three quarters surpassed by 55.7 percent the level in the whole of last year. Rental income rose by 269.8 percent year-on-year to P1.66 billion while hotel revenue grew by 19.6 percent to P377.8 million on higher occupancy rates especially in Hotel101 Manila.

Mall occupancy was at a high of 96 percent while that of office buildings was 100 percent.

“The transition from traditional retail to modern retail was well felt in the large tier 1 areas of Metro Manila between the 1960s to the 1980s while medium tier 2, areas such as Cebu, Iloilo, Naga, Bacolod, Davao, Baguio and Cagayan de Oro saw modern malls open in their regions between the 1990s and the 2000s. Smaller tier 3 areas such as Cotabato, Kabankalan, Kalibo, Koronadal, Danao, Boracay, Sorsogon, San Carlos, Capiz, Dipolog and over a hundred more similar markets are starting to experience the transition,” chair Edgar Sia II said. —DORIS DUMLAO-ABADILLA