DoubleDragon nets P21.2 M in Q1, eyes P340 M for 2014

Screengrab from doubledragon.com.ph

MANILA—The newly listed DoubleDragon Properties Corp. sees net profit hitting P340 million this year on the back of additional revenues to come from its upcoming shopping center in Divisoria, Manila.

In the first quarter, DoubleDragon’s net profit grew by 117 percent to P21.2 million, buoyed by a 142-percent rise in revenues to P172.5 million.

“The company sees to exceed P340 million net profit this year 2014 and is on track with its target of P1 billion net profit by 2016 and P4.8 billion by 2020. We expect continuous growth to be driven by current and near-term developments,” DoubleDragon chair and CEO Edgar Sia II said in a press statement.

“DoubleDragon’s latest offering, Dragon Shopping Center in Divisoria, is expected to contribute significantly to the net income target for the year,” Sia said.

The company aims to complete the Divisoria mall by September in time for the Christmas shopping rush.

The P340-million profit outlook for DoubleDragon this year marks a potential 168-percent growth in bottom-line from the level in 2013. It was earlier reported that DoubleDragon last year posted a net profit of P126.63 million, up by 37 percent from a year ago.

This year, revenues from real estate rose by 139 percent to P170.7 million in the first three months.