• Double Dragon on track to hit P1-B profit 2016 target

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    Double Dragon Properties, Corp. (DD), the joint venture company built by the founders of Mang Inasal and Jollibee Foods Corp. expects to exceed its net profit target of P340 million this year and stay on track toward its 2016 profit target.

    In the first quarter of this year, DD’s net income jumped 117 percent to P21.2 million from a year-earlier level of P9.8 million.

    “The company sees [itself]exceeding its P340 million net profit target this year, and [be]on track for its target of P1 billion net profit by 2016 and P4.8 billion by 2020,” DD Chairman and Chief Executive Officer Edgar ‘Injap’ Sia 2nd said.

    DD’s consolidated revenues for the three months ended March 31, 2014 reached P172.5 million, soaring 142 percent from the P71.3 million it posted in the same period last year.

    Revenue from real estate sales, which comprised the bulk of consolidated revenues, surged 139 percent to P170.7 million from P71.3 million, mainly because of the strong performance across the property development sector.

    Moving forward, the company expects growth to be driven by its current and near-term development projects.

    “Double Dragon’s latest offering, Dragon Shopping Center in Divisoria, is expected to contribute significantly to the net income target for the year,” Sia added.

    Currently, the company is focusing on development activities connected with its CityMall Community Mall projects around the country.

    CityMall Commercial Centers Inc., the umbrella company of all the CityMalls projects in the country, is 66 percent owned by Double Dragon and 34 percent owned by SM Investments Corp.

    The company targets to complete five malls this year and will start laying the groundwork for the next 20 CityMalls to be opened by 2015. DD aims to open 100 CityMalls by 2020.

    Earlier last month, DD launched its P1-billion initial public offering (IPO), opening on the market at a price of P2.40 each, up 20 percent from its IPO price of only P2 per share. On its first listing day, the company saw its shares surging by 50 percent. On Friday it closed at P6.72, up 1.82 percent from its last price of P5.03.

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