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Power sales fuel First Gen Q2 profit surge

FIRST GEN Corp. increased its net income attributable to equity holders of the parent firm by 87.4% to $84.67 million in the second quarter, as the Lopez-led company recorded a strong growth in its power sales.

Based on its financial report, revenues from the sale of electricity reached $575.14 million, higher by 16.7% from a year ago, while other income was a positive $3.1 million, reversing charges of $6.07 million a year ago previously.

In the first half, the listed energy company recorded an attributable net income of $165.45 million, up 95% from $84.86 million previously. Electricity sales rose 15.3% and hit $1.11 billion from P962.58 million.

“First Gen’s focus on clean, low carbon and renewable energy continues to pay off as our first semester results overtakes last year’s. For the remainder of the year, we expect all the platforms to continue to deliver stable earnings,” First Gen President and Chief Operating Officer Francis Giles B. Puno said in a statement.

He said work on the development of the country’s first liquefied natural gas (LNG) terminal continues. He added with the Energy department declaring the project as one of national significance, First Gen “will endeavor to deliver this project swiftly and efficiently given its criticality to the country’s energy security.”

The company said recurring attributable net income of the parent rose 36% to $156 million, as its portfolio of clean fuel platforms “all performed notably during the period.” The US dollar is the firm’s functional currency.

First Gen subsidiary Energy Development Corp. recorded recurring earnings from its geothermal, wind and solar platform of $49 million, higher by 48% from the previous year as its Unified Leyte and Tongonon geothermal plants continued to normalize their operations after the damage brought by a typhoon in December 2017.

First Gen said all four of its natural gas-fired power plants delivered higher recurring earnings. While the two older plants — the 1,000-megawatt (MW) Santa Rita and the 500-MW San Lorenzo — benefited from lower operating expenses, the newer ones — the 420-MW San Gabriel and the 97-MW Avion —generated higher electricity sales.

The company said its hydro platform also registered higher earnings at $13 million as it gained from higher sales to the wholesale electricity spot market and ancillary services.

On Thursday, shares in First Gen closed 0.78% up at P25.70 each.

EARNINGS OF LOPEZ-LED FIRM RISE
Separately, Lopez Holdings Corp. reported a second-quarter net income attributable to the parent firm of P1.89 billion, up 90.9% from P990 million previously.

Revenues rose 13% to P35.14 billion from P31.11 billion, the firm’s financial report showed. The holding company represents the Lopez family’s investments in major development sectors.

In the first half, Lopez Holdings said net income attributable to equity holders of the parent reached P4.18 billion, 99.7% higher than the level a year ago.

The company said the “steady performance” of the energy group under associate First Philippine Holdings Corp. (FPH), as well as the “strong recovery” of investee ABS-CBN Corp. accounted for the results.

Consolidated revenues rose by 16% to P67.91 billion. FPH registered a 76% increase in attributable net income and 35% rise in recurring net income as electricity sales expanded by 20%, the firm said. ABS-CBN’s net income rose by 98% as advertising revenues improved by 18%

As of June 30, Lopez Holdings owned 51% of FPH and 56% economic interest in ABS-CBN.

On Thursday, shares in Lopez Holdings were down 0.45% to P4.40 each. — Victor V. Saulon

Filinvest Dev’t earnings dip in 2nd quarter as costs climb

FILINVEST Development Corp. (FDC) saw a slight decline in its attributable profit for the second quarter, as higher costs outpaced the single-digit increase in revenues.

In a regulatory filing, the Gotianun-led conglomerate said net income attributable to the parent stood at P3.35 billion in the April to June period, 2% lower year on year.

Total revenues and other income rose 8% to P20.6 billion, slower than the 15% growth in total costs and expenses to P15.35 billion.

On a six-month basis, FDC’s attributable net income climbed 19% to P6.13 billion while total revenues and other income grew 15% to P41.61 billion.

“We are pleased with the results of our various business lines, with notable improvements resulting from the ramp up of our leasing, hotel and power businesses,” said FDC President and Chief Executive Officer Josephine G. Yap in a statement.

“We are positive that the trajectory is sustainable in the second half of the year as demand for our products and services across the different business lines continue to be strong,” she added.

FDC’s banking and financial services unit accounted for 42.1% of total revenues and other income for the first half, followed by real estate operations at 37.3%. Power, sugar, and hotel operations accounted for the remaining 12.7%, 4%, and 3.9%, respectively.

East West Banking Corp.’s revenues and other income jumped by 25% to P17.5 billion, due to higher non-interest income from fees and commissions. The bank’s first-half net income also grew 33% to P2.69 billion.

“With inflation easing and interest rates tapering off, we anticipate that the second half of the year will be more positive and allow us to sustain our performance,” FDC Chairman Jonathan T. Gotianun said in a statement.

Rental revenues from Filinvest Land, Inc. (FLI) and Filinvest Alabang, Inc. surged 31% to P3.7 billion, thanks to the completion of six office buildings covering 118,000 square meters (sq.m.) in gross leasable area in 2018.

On its own, FLI delivered a 19% uptick in gross revenues to P12.62 billion, while net income went up 16% to P3.21 billion in the first half. FLI traced the performance to a 30% increase in rental revenues to P3.38 billion, alongside a 25% rise in real estate sales to P8.43 billion.

Meanwhile, net income from hotel operations jumped 62% to P203.6 million. Revenues gained 24% to P1.6 billion, due to the opening of Crimson Resort and Spa Boracay in 2018 and Quest Tagaytay in April. The company now has about 2,600 rooms under its network, which is seen to increase to 5,000 by 2023.

Under the power business, revenues added 28% to P5.3 billion due to higher demand and the sale of replacement power to other power generators. Net income accordingly surged 86.7% to P1.41 billion.

FDC operates a 405-megawatt clean coal plant in Misamis Oriental, 302 megawatts of which are contracted under mostly long-term power purchase agreements.

The sugar unit delivered a net income of P260.4 million, 6.3% higher year on year, despite a 22% drop in revenues due to lower volumes sold.

Shares in FDC closed flat at P13.80 each at the stock exchange on Thursday. — Arra B. Francia

Travellers sets tender offer at P5.50 per share

TRAVELLERS International Hotel Group, Inc. (TIHGI) has priced the tender offer for its voluntary delisting process at P5.50 per share, less than half the offer price when it debuted at the stock market about six years ago.

In a disclosure on Thursday, the owner and operator of Resorts World Manila said the tender offer will consist of up to 1.58 billion common shares held by the public.

The tender offer price is lower than the price of P11.28 per share during TIHGI’s initial public offering back in 2013. TIHGI’s last closing price was at P5.43 on Tuesday.

TIHGI looks to buy from the public at least 838.21 million common shares during the tender offer, or about P4.8 billion worth of shares.

“Upon completion of the tender offer, at least 95% of the total listed and outstanding common shares on the company shall collectively be held by the non-public shareholders,” the company said.

Non-public shareholders include Alliance Global Group, Inc. (AGI), Megaworld Corp., First Centro, Inc., Adams Properties, Inc., Star Cruises Philippines Holdings B.V., Asian Travellers, Ltd., Premium Travellers, Ltd., and the members of the board of directors

The company on Wednesday announced it plans to voluntarily delist from the main board of the Philippine Stock Exchange, Inc. (PSE), citing how shifting into a private entity will improve its business strategies against competition.

Trading of the company’s shares have been suspended since Wednesday to allow investors to digest the material information. It will resume trading on Friday, Aug. 16. — Arra B. Francia

Cebu Landmasters books P256-million profit in Q2

CEBU Landmasters, Inc. (CLI) booked a 6% decline in attributable profit for the second quarter of 2019, as most of the projects completed for the period were part of joint ventures.

In a regulatory filing, the Cebu-based property developer reported a net income attributable to the parent of P255.8 million in the April to June period. This came on the back of a 20% increase in revenues to P1.63 billion.

“That’s a result of the percentage of completion. Most that have been completed in the first half is mostly for joint ventures, that’s why it’s slower,” CLI Chief Finance Officer Beuregard Grant L. Cheng said in a media and analysts’ briefing in Taguig yesterday.

For the first half, net income attributable to the parent climbed 13% to P854.34 million following a 34% uptick in revenues to P3.495 billion.

The listed company said it remains on track to hit an attributable profit of P2 billion for full year 2019, as unrecognized revenues totaled P12.9 billion by end-June.

“Internally, we’re pretty much on track and we’re pretty confident of hitting our guidance numbers,” Mr. Cheng said.

The company attributed its growth in the first half to high-end projects such as 38 Park Avenue in Cebu City, as well as the on-time construction of its projects that allows it to quickly turn over the units.

Reservation sales for the period stood at P5.26 billion, driven by the sales of its newly launched residential project called One Paragon Place in Davao City which is now 78% sold out.

CLI also benefited from its growing leasable portfolio, as it generated a 16% increase in revenues to P27.7 million. The company ended the first half with 11,815.15 square meters (sq.m.) in gross leasable area, with another 69,234 sq.m. under construction. It targets to have 200,000 sq.m under its network by 2023. — Arra B. Francia

Titas are the focus of new TV show

ACTRESSES Joanna Ampil, Angelica Panganiban, Cherry Pie Picache, Lorna Tolentino, Agot Isidro, and Mylene Dizon all agree that there is more to being a tita (aunt) — in this case referring to middle class, middle-aged, urban aunts — than work meetings, yoga sessions, salon appointments, tea time. The actresses star in the new iWant original series, Call Me Tita.

The show looks into the lives of five spirited life-long friends who seek new experiences as they mature and find a deeper purpose in life.

Through his friendship and interactions with the actresses, director Andoy Ranay thought of producing a story about titas. “We pitched it last December (2018) to Dreamscape. We got the go signal during the Christmas break. We created a concept and story and starting shooting this April,” Mr. Ranay said in a mixture of English and Filipino, at the press launch at the ELJ Communications Center on Aug. 6.

According to Mr. Ranay, the biggest challenge was how to schedule the actresses’ shooting dates. “This is a very ambitious [project] but I guess we pulled it off,” the director said, adding that the scenes were shot separately with the different leads.

Ms. Picache plays Ruth, a bakery owner who finds herself interested with a chef despite a solid 25 years of marriage; Ms. Dizon plays the demure Frida who has just ended her 15-year-marriage to her American husband and unexpectedly finds solace with a lesbian artist; Ms. Isidro takes the role of Celine, a retired beauty queen and social media savvy mother of a grown-up son who comes out as gay; Ms. Ampil plays Maya, human rights lawyer who falls in love with her friend’s husband; the youngest of the five friends is Gabbi — played by Ms. Panganiban — who slowly matures as she and her friends scramble to search for her missing mother — played by Ms. Tolentino — who is involved in a drug ring.

Co-produced by Dreamscape Digital and Heaven’s Best Entertainment, Call Me Tita is the first series to simultaneously premiere on ABS-CBN and iWant on Aug. 18.

All episodes will drop on the streaming service on that date while new episodes will be shown on ABS-CBN every Sunday night at 9 p.m.

The lead actors reveal that they are cool with being a tita in real life.

“A lot of us actually embrace it,” Ms. Ampil said. For Ms. Panganiban, titas are not boring because they are “mature and responsible.” For the other actresses, being a tita is an opportunity to explore new things. “We have choices and we are able to do whatever it is we want to do,” Ms. Dizon said.

The misconception about titas that Mr. Ranay hopes to debunk is that actors of their age can only play mother and supporting roles.

“After 45 years of your life, you will discover na may kaya ka pang gawin (you will discover that you are still capable of other things). There’s another facet of your life that you want to pursue,” he said. “Mas rich ’yung mga pwede pang ma-experience at pwede pang maikwento (There will be richer experiences and stories).”

Call Me Tita premieres on Aug. 18 at ABS-CBN and all episodes will be available on the iWant app (iOs and Android) or oniwant.ph. For more information, visit www.facebook.com/iWant. — Michelle Anne P. Soliman

Media giants ABS-CBN, GMA report mixed results

LISTED television networks reported mixed financial conditions in the second quarter, as ABS-CBN Corp.’s profit soared 75% while earnings of GMA Network, Inc. fell 22%.

In a regulatory filing, ABS-CBN reported its attributable net income stood at P695.8 million at the end of the second quarter, driven by the 10% growth in revenues to P10.44 billion.

For the first half, the Lopez-led media giant’s attributable net income increased by 83% to P1.55 billion. Consolidated revenues jumped 10% to P20.8 billion, 54% of which were from advertising sales.

Revenues from ad placements grew 18% to P11.29 billion, “attributable to both political placements and growth in regular advertising.” ABS-CBN said excluding political ads, regular advertising went up 3.2% year on year.

Consumer sales, which make up the remaining 46% of ABS-CBN’s revenues, also increased 1.7% to P9.52 billion, “mainly resulting from higher TVPlus Boxes sold, theatrical receipts from ABS-CBN Films and higher subscription revenues from Sky Cable.”

The company’s total costs and expenses increased by 2% to P18.87 billion, as production costs rose from original iWant content and election coverage expenses.

Meanwhile, GMA recorded a 21% drop in attributable net income of P627.33 million in the second quarter. A 2% uptick in revenues to P4.12 billion was not enough to offset the 14% rise in its production costs to P1.7 billion during the April to June period.

For the first half, GMA’s attributable net income grew 10% to P1.34 billion, as consolidated revenues went up 7% to P7.91 billion.

Election-related placements drove advertising revenues 8% higher to P7.26 billion, outpacing the 2% decline in subscriptions and other revenues to P653.1 million.

“Political advocacies and advertisements during the period propelled the revenue upswing. Without the impact of this non-recurring revenue, consolidated top line of the company slightly dipped by 3%,” GMA said.

GMA’s total operating expenses in the first half grew at a slightly slower pace than revenues, increasing 6% to end at P6.01 billion. — Denise A. Valdez

BPI eyeing fresh dollar bond issuance this year

BANK OF the Philippine Islands said it is looking at another dollar bond issue.

AYALA-LED Bank of the Philippine Islands (BPI) will remain “opportunistic” in tapping the dollar bond market this year for its funding requirements, a senior bank official said on Thursday.

“We remain opportunistic in tapping the debt capital markets to supplement our funding requirements. This is still really just as an addition to our core source of funding, which is our strong deposit bases,” BPI Chief Financial Officer Maria Theresa Marcial Javier told reporters on Thursday.

“We will announce the details in due course,” the official said.

“What might be forthcoming is a potential US dollar issue. Most likely this year. We are actually talking to potential arrangers and underwriters so we have not really finalized. So, soon,” Ms. Javier said.

“The size that we are looking at is probably smaller than what we had issued in 2018 — it’s a $600 [million] issue. It’s probably smaller… We’re just looking at some finer points and we will definitely be coming up with the specifics soon,” she said.

In August last year, BPI raised $600 million via five-year senior unsecured fixed-rate debt to maximize its offshore funding flexibility and to broaden its liquidity sources. Those bonds were quoted at 4.25%.

It marked the lender’s maiden issue from its $2-billion medium-term note program unveiled in June last year, as well as its first offshore bond offering.

Meanwhile, BPI hopes to end the year with a net income higher than the P23.33 billion it made last year as it benefits from the low interest rate environment.

“Banks benefitted from lower interest rates in the first semester and we see that we will be sustained in the second semester,” Ms. Javier said. “Second half remains to be promising and hopefully sustain the first half results.”

BPI’s bottom line jumped 24.6% to P13.863 billion in the first semester.

Shares in the bank dropped 0.33% or 30 centavos to end at P90 apiece on Thursday. — Mark T. Amoguis

Mayonnaise ready to spread its music with 2nd concert

AFTER a sold-out concert in June, Filipino rock band Mayonnaise is reprising its Akalain Mo ’Yun concert in September due to insistent public demand, according to the band’s frontman.

“A repeat concert was a no-brainer when we realized that we sold out the first one… we were surprised with the demand of the tickets,” Monty Macalino, the band’s frontman and songwriter, told reporters during an Aug. 7 press conference at the El Calle Food and Music Hall in Resorts World Manila, Pasay City.

He explained that during their first major concert in June — also at the Music Museum at the Greenhills Shopping Center in San Juan — many of their fans went to the theater’s box office thinking they could get tickets on-site not knowing that the tickets had sold out days before. Mr. Macalino said that this reprise is for the fans who weren’t able to attend the first one and for those who want to see it all again.

“This event is for our fans and for music enthusiasts that were influenced by us,” he said.

Mayonnaise first burst into the music scene in 2002 and took their name from the song “Mayonnaise” (1993) by American alternative rock band The Smashing Pumpkins. Two years later they became a mainstream act after winning the 2004 Red Horse Muziklaban, a “battle of the bands.”

In the same year, they launched their self-titled debut album under independent label, VAMP Records, distributed by Sony Music. The album spawned hits like “Jopay,” which remains the band’s most popular song in their discography.

Other songs the band is known for are “Bakit Part 2,” “Tayo na lang Dalawa,” “Paraan,” and “Kathryn.”

More than a decade and several lineup changes later, Mayonnaise remains as a fixture in the Philippine music scene as Mr. Macalino said that “we’re staying no matter if Mayonnaise becomes successful or not because I will keep writing songs.”

The current band lineup includes Mr. Macalino, Shan Regalado (percussion and drums), Carlo Servano (lead and rhythm guitar, backing vocals), Nikki Tirona (bass guitar, backing vocals), and Keano Swing (rhythm guitar, backing vocals).

The concert will feature their greatest hits and songs that their fans requested them to sing.

“We have a Viber group with our fans and they asked us why we didn’t sing certain songs during the first concert,” Mr. Macalino said.

They will once again be collaborating with the Manila String Machine, a stringed musical ensemble, that Mr. Macalino praised for their arrangement of Mayonnaise songs.

They will also be joined onstage by Barbie Almalbis, Champ Lui Pio of Hale, and I Belong to the Zoo.

“Expect a good show. We did mix up the set list to make things different this time around,” he said.

Akalain Mo ’Yun Part 2 will be on Sept. 7, 7:30 p.m., at the Music Museum. Tickets are available via bit.ly/AkalainMoYun2019 and ktx.abs-cbn.com or by contacting Music Museum at 721-0635 or 721-6726. — Zsarlene B. Chua

Anne Curtis Smith goes sexy again in Just a Stranger

ANNE CURTIS Smith-Heussaff is returning to her roots as a sexy, romantic drama actress in Jason Paul Laxamana’s Just a Stranger, a film about infidelity and its consequences. The film hits theaters nationwide on Aug. 21.

“I’m very excited to be back to sexy-drama. It’s a beautiful story,” Ms. Smith-Heussaff said during a press conference on July 31 at the La Reve Events Place in Quezon City.

Ms. Smith-Heusaff plays Mae, a woman in her mid-30s who lives her life on her own terms and is married to a wealthy businessman played by Edu Manzano. Such is her life that she can jetset to anywhere in the world at a moment’s notice and she chose to go to Lisbon, Portugal for a vacation.

In the city she meets Jericho (played by Marco Gumabao), the 19-year-old son of a Philippine Ambassador who is forced by his father to earn his keep to teach him about responsibility. The two embark on an affair that Mae thinks would end after her vacation but then the two meet again in the Philippines where they continue the affair.

Also included in the cast are Isay Alvarez, Robert Seña, and Jas Rodriguez.

“They know it’s wrong but they can’t help it… [it shows] how far they can hide [their affair,] Mr. Laxamana said during the press conference.

The director said that they initially submitted the film for consideration for this year’s Pista ng Pelikulang Pilipino in September but it wasn’t chosen. This is the first time that Mr. Laxamana does not have an entry in the festival organized by the Film Development Council of the Philippines.

He entered the festival with The Day After Valentine’s in 2018, and 100 Tula Para Kay Stella in 2017.

Ms. Smith-Heusaff is no stranger to sexy dramas, with films like No Other Woman (2011) by Ruel S. Bayani and A Secret Affair (2012) by Nuel Naval, but she admitted that this is the first time she is doing a film focused on a May-December love affair.

Ms. Smith-Heussaff’s most recent film projects have been in varied genres including the action film Buy Bust by Erik Matti, Yam Laranas’ mystery-thrillers Aurora, and Irene Villamor’s romantic drama Sid & Aya: Not a Love Story, all of which came out in 2018.

This year, she is part of the cast of the 2019 Metro Manila Film Festival (MMFF) entry Momalland by Barry Gonzalez, a comedy where she co-stars with MMFF veteran Jose Marie “Vice Ganda” Viceral.

Just A Stranger opens in cinemas nationwide on Aug. 21. — ZB Chua

Healthy sales push SSI’s Q2 earnings 17% higher

SSI GROUP, Inc. (SSI) reported its second-quarter earnings increased by 16.6% to P175.3 million, thanks to “healthy” top-line growth from its luxury and casual brands.

In a regulatory filing, SSI said net sales went up 5.5% to P4.92 billion in the April to June period.

For the first half, the company saw net income jump 22% to P345.9 million, on the back of a 6.3% increase in net sales to P9.9 billion.

“The Group continued to post healthy topline growth during the period driven mainly by performance in its luxury and bridge, and casual brands, and the others category, which include food, personal care, and home brands,” SSI said, adding that same-store sales grew by 7%.

SSI said it had 593 stores covering 116,345 square meters (sq.m.) as of end-June. This was lower than the 616 stores with 124,333 sq.m. it had during the same period in 2018.

During the second quarter, the company opened 16 new stores with a floor area of 1,494 sq.m., but closed 17 stores with 4,903 sq.m.

SSI’s total operating expenses rose 4.2% to P3.6 billion, reflecting its store rationalization program and its focus on maximizing scale and improving cost efficiency.

Philippine Bank of Communications posts higher Q2 net income

PHILIPPINE BANK of Communications (PBCom) and its subsidiaries booked higher earnings in the second quarter on higher income from service charges, fees and commissions and a recovery in trading gains.

In its quarterly report released Thursday, PBCom said it posted a consolidated net income of P210.37 million in the three months ended June, 55% higher than the P135.57 million it earned in the same period last year.

Net interest income grew to P789.46 million from P789.68 million in the same period last year amid an increase in trading gains, as well as earnings from service charges, fees and commissions and its trust operations, among others.

PBCom’s trading gains surged to P118.7 million in the second quarter from the P9.141 million recorded a year ago.

Income from service charges, fees and commissions grew to P104.62 million from P87.793 million last year. Earnings from its trust operations likewise increased to P4.89 million in the second quarter from P3.75 million in 2018.

Meanwhile, its foreign exchange gains declined to P7.64 million from P9.8 million last year.

“Interest income from loans and receivables is higher by 23.7% compared to the same quarter last year as the bank continued in focusing its efforts in expanding its corporate and consumer loan portfolios and increasing loan yields,” it said.

The bank’s total operating income climbed to P1.25 million in the second quarter from P1.09 million in the same period last year.

Meanwhile, its total operating expenses also went up to P987.59 million from P910.44 million the previous year.

For the first half, PBCom’s net income climbed 89.8% to P593 million from the P312.4 million earned in the same period last year.

“Low-cost deposit volume has improved as the bank grew its demand and savings deposit base to P32.5 billion from P29.1 billion in June of the previous year while time deposits and bills payable declined by 18.7% and 28.2%, respectively.”

Assets of the PBCom Group stood at P93.8 billion at end-June, down from the P103.7 billion booked as of December 2018. PBCom attributed the decline to lower loans and receivables due to the sale of a portion of the bank’s auto loan portfolio.

Its gross nonperforming loan ratio increased to 5.7% at end-June from 5% in the same period last year.

PBCom and its subsidiaries’ net profit margin was at 23.43% at end-June from 14.25% last year. Meanwhile, net interest margin stood at 1.94%, lower than last year’s 2.04%, its quarterly report showed.

Return on equity stood at 5.58%, up from 3.16% the previous year.

The bank’s capital adequacy ratio stood at 16.48% at end-June, an improvement from the 15.12% logged last year.

As of June 30, PBCom had a total network of 89 regular branches, three branch-lite units and a total of 151 automated teller machines. — B.M. Laforga

DoubleDragon income surges in April-June

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

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