DoubleDragon earnings up 4% to P1.66 billion

The joint property venture of tycoons Edgar Sia II and Tony Tan Caktiong maintained its goal of breaching the P100-billion total equity mark this year amid a slight increase in first semester earnings.

DoubleDragon Corp. on Thursday said its net income during the period reached P1.66 billion, up by 3.75 percent due to a surge in hotel revenues.

The company’s consolidated revenues jumped by 11.7 percent to P4.4 billion.

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Hotel revenues soared by 38.9 percent to P406.69 million as the occupancy rate in its hotel properties improved, along with additional revenue from Hotel101-Fort.

As of end-June, DoubleDragon’s total equity stood at P95.16 billion.

Earlier, the company said it was confident of reaching its P100-billion equity target this year, banking on the international debut of its condotel business to drive growth.

DoubleDragon pointed out that the homegrown Hotel101 chain was expected to eventually become “one of the major US dollar inflow generators to the Philippine economy.”

Hotel101 Global Pte. Ltd., the Singapore-based unit of DoubleDragon, is set for listing on the tech-heavy Nasdaq Stock Exchange in the United States later in the year.

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DoubleDragon recently broke ground for Hotel101-Madrid, its second international location after Hotel101-Niseko in Japan.

Hotel101-Madrid is touted to be one of the largest hotels in Spain’s capital.

DoubleDragon is expecting over $100 million in contracted sales for its units in the Madrid hotel by next year amid strong demand.

As of July, the company received $10 million in payments from unit buyers.

Construction is expected to end by the fourth quarter of 2025, in time for a 2026 opening.

Sia earlier said they planned to launch their third international Hotel101 branch in California in the US. DoubleDragon has yet to disclose more details.

Last month, DoubleDragon said it had “fully sold out” its P10-billion bond issuance days before the end of the offer period.

The bonds, which promise a yield of 8.008 percent per year for investors, will mature in three and a half years.

Meanwhile, DoubleDragon’s real estate investment trust arm DDMP REIT Inc. booked lower profit in the January to June period on higher costs.

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DDMP’s financial filing on Thursday showed that net income during the semester dropped by 22.9 percent to P771 million.

Revenues likewise fell by 18.3 percent to P994.7 million as rent income declined due to expired leases.

Analysts earlier identified DDMP REIT as the company that could be hit hardest by President Marcos’ sweeping ban on Philippine offshore gaming operators (Pogos).

DDMP REIT currently has the most exposure to Pogos, as these and other businesses accredited by the Philippine Amusement and Gaming Corp. accounted for 51 percent of the company’s rental income last year. —Meg J. Adonis