Property developer Double Dragon Corp. posted an increase in its net income for the first half of the year on the back of recognized sales from its residential projects.
In a disclosure, the company said that net income for the first six months of the year grew by 47 percent to P124 million from the P84 million posted in the same period of last year.
The firm said that the growth was mainly driven by real estate sales from its residential projects such as the W.H. Taft Residences and The SkySuites Tower.
Double Dragon has a 5-year vision of developing 1 million square meters of leaseable space that will translate to P1 billion in net income by 2016 and P4.8 Billion in 2020.
The company has recently opened its first CityMall project located in Imus, Cavite. More than 20 malls are currently under construction, and the company plans to have 100 malls by 2020.