MANILA, Philippines – DoubleDragon Properties Corp., the joint venture Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods Corp. owner Tony Tan Caktiong, saw its net income grow 16 percent in the first half of the year.
In a disclosure to the local bourse yesterday, DoubleDragon said net income amounted to P144 million on higher revenues especially from lease operations.
Rental revenues surged 64 percent during the period with eight malls now operating and are 96 percent leased out.
Total revenues rose 15 percent to P706 million, bulk of which still came from DoubleDragon’s interim projects, W.H. Taft Residences and The SkySuites Tower with real estate sales showing seven percent growth year-on-year.
Also contributing substantially to rental revenues is Dragon8 Mall in Divisoria which is 95 percent leased out.
To sustain its growth, DoubleDragon is focusing on the buildup of recurring revenue firmly grounded on a portfolio of appreciating real estate assets acquired at unstretched prices.
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The company has recently enhanced its provincial retail and Metro Manila office portfolio with the intended fold in of Hotel of Asia Inc. (HOA) which will serve as its hospitality arm.
“The vision continues to unveil itself and we are extremely grateful to all our shareholders and supporters who have believed in us from the very beginning, when barely two years ago we only had one plot of land for our first CityMall site and a vision of building up 1 million square meters of prime leasable space by 2020,” Sia said.
At present, DoubleDragon has 51 CityMall prime provincial sites with eight open and 24 under simultaneous full swing construction in various provincial areas.
The company’s two Metro Manila office projects, DD Meridian Park and Jollibee Tower, are also both under full swing construction.
“The first tower in DD Meridian park will be ready by the last quarter of 2017. Amidst the challenges of being a new player in a mature and traditional industry that have been dominated by large players for many decades, we forge ahead and work tirelessly to ensure that we continue to create exceptional long term value for DoubleDragon and all its stakeholders,” Sia also said.