DoubleDragon tops P100-B equity; profit up 245%

Edgar Sia II —CONTRIBUTEDPHOTO

MANILA, Philippines – Gains from its projects abroad caused the first-quarter earnings of DoubleDragon Corp. to balloon by 245 percent to P2.05 billion, with the developer’s total equity also breaching the P100-billion mark.

In a stock exchange disclosure on Monday, the property venture of tycoons Edgar Sia II and Tony Tan Caktiong said its top line had likewise more than doubled to P4.45 billion in the January to March period.

This was driven by a 69-percent surge in unit sales to P417.4 million at Hotel101, its condotel brand, particularly projects abroad, including Hotel101-Madrid.

READ: Hotel 101 moves closer to Nasdaq listing

The 680-room project, touted to be among the five largest hotels in Spain’s capital city, was topped off last month, or a little over a year since launch. It is scheduled for completion next year in time for the Madrid Grand Prix.

In all, DoubleDragon expects to generate P27.2 billion in foreign currency revenues from three overseas projects.

Construction of Hotel101-Niseko in Japan is ongoing, while DoubleDragon plans to launch its third international project in the United States.

In its quarterly report, the developer said rental revenues rose by 4.9 percent to P964 million because of higher occupancy and rental contributions from new properties.

Hotel revenues, on the other hand, reached P221.2 million, up by 12.1 percent, also due to an increase in occupancy at hotel properties.

Expenses grew by a third to P1.8 billion on the back of higher rent, marketing events and commission costs. Mall operating expenses also increased, DoubleDragon noted.

At the same time, DoubleDragon said total equity mark ended the quarter at P102.1 billion.

As of end-March, the company’s completed recurring revenue asset portfolio was over 1.4 million square meters (sq m).

Last week, DoubleDragon announced the launch of Hotel101-Roxas Boulevard, which is seen to generate P5.25 billion in unit sales.

It will stand within a 1,790-sq m commercial lot in Pasay City and have a total of 34 floors.