LISTED property developers reported mixed results in the third quarter as Rockwell Land Corp. saw flat profit growth, while DoubleDragon Properties Corp.’s income soared 321%.
Lopez-led firm Rockwell Land said in a regulatory filing Friday its attributable net income in the July to September period stood at P967 million, 1.5% higher from last year.
Revenues during the period jumped 4% to P4.3 billion as expenses dropped 24% to P2.06 billion.
For the nine months to September, the attributable net income of Rockwell Land stood at P2.25 billion, 14% higher from last year.
Total revenues fell 8% to P11.23 billion, alongside a 22% decline in expenses to P7.27 billion.
For DoubleDragon, attributable income expanded to P932.8 million in the third quarter from P221.34 million in the same period last year.
Consolidated revenues climbed 23% to P1.34 billion, coming mostly from rental income which generated P841.18 million or 69% higher from last year.
Hotel revenues added P194.67 million to rise 59% year on year, helping offset a 38% decline in real estate sales to P146.16 million.
Year to date, DoubleDragon’s attributable net income surged to P2.45 billion from P966.02 million a year ago. Revenues during the period jumped 47% to P6.93 billion, while expenses grew at a slower rate of 25% to P2.86 billion.
The company said in a statement recurring revenues in the nine months accounted for 41.30% of its revenue pie, inching closer to its goal of having 90% of its top line come from recurring revenue streams.
Shares in Rockwell Land were flat on Friday at P2.20 each, while shares in DoubleDragon went down 0.18 points or 0.90% to P19.82 apiece. — Denise A. Valdez
