DoubleDragon income surges in April-June

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DOUBLEDRAGON Properties Corp. reported a 240% increase in its attributable net income in the second quarter, driven by rising rental revenues from its office towers, warehouse hubs and community malls.

In a regulatory filing, the listed property developer said its attributable net income stood at P750.17 million in the April to June period, compared to P220.44 million it booked in the same period last year.

Revenues surged 75% to P3.15 billion in the second quarter, as rental revenues went up 21% to P907.77 million. Real estate sales rose 6% to P239.96 million, while an unrealized gain from a change in fair values of investment property increased by 215% to P1.71 billion.

For the first half, DoubleDragon’s attributable income doubled to P1.51 billion from P745 million during the same period a year ago.

Revenues jumped 54% to P5.6 billion during the six-month period, driven by a 32% rise in rental income to P1.53 billion and a 113% surge in unrealized gain from a change in fair values of investment property. Real estate sales fell by 10% to P418.96 million.

DoubleDragon noted its recurring revenues have grown 29.1% to P1.83 billion for the first half. Recurring revenues now account for 33% of total revenues. The company aims to grow the share of recurring revenues to 90%.

“DoubleDragon’s four pillars of growth in retail leasing, office leasing, industrial warehouse leasing and hotels will give the company a well-diversified real estate portfolio essential to successfully navigate the current fast-changing global business environment,” DoubleDragon Chairman Edgar “Injap” J. Sia II said in a statement. — VMPG