From P28.9M a year earlier, on strong property demand
DOUBLEDRAGON Properties Corp.’s profit for the nine months to September rose sharply from a year earlier on the back of strong market demand for its projects, bolstering the company’s confidence it will achieve its 2014 income target.
In a statement, DoubleDragon said its January to September net income soared more than 1,065 percent to P337.8 million from P28.9 million a year ago.
Given its strong performance in the nine-month period, the company said it will achieve its P525 million net income target for this year.
The company has sustained strong market demand for its various projects, said DoubleDragon Chairman and Chief Executive Officer Edgar “Injap” Sia II.
The company said it expects to continue generating significant revenues from its existing and new businesses, including commercial office projects in Metro Manila, which should help boost its income in the last quarter of the year.
DoubleDragon has two vertical residential projects with commercial components in Iloilo that the company expects will help boost revenues. It is also pre-selling its first residential project in Metro Manila, the 30-story W.H. Taft Residences that is being built beside De La Salle University on Taft Ave.
The company’s Dragon Shopping Center in Divisoria is likewise expected to contribute significantly to the net income target for the year.
Under its subsidiary CityMall Commercial Centers Inc. (CMCCI), the company has 13 community malls under construction: 1 hectare CityMall in Boracay; 8,000 square meter (sqm) lot in Tiaong, Quezon province; 1.1-hectare in Kalibo, Aklan; 1.5-hectare Cotabato City lot; half a hectare prime commercial lot in Dau, Mabalacat, Pampanga; 2 hectares in Anabu, Imus, Cavite; 1.19 hectares in Ungka, Pavia in Iloilo; 0.8 hectare or 8,000 sqm in Tagbak, Jaro in Iloilo; 1.1 hectares in Cebu Downtown; 1.02-hectare in Consolacion, Cebu City; two others in Zamboanga City; and one in Roxas City, Capiz.
CMCCI plans to complete 25 CityMalls by end-2015 and 100 CityMalls by 2020, mostly in the Visayas, Mindanao, northern Luzon, Bicol, Mindoro and Palawan.
CMCCI is 66-percent owned by DoubleDragon, while 34 percent is owned by Sy family-led conglomerate SM Investments Corp.
DoubleDragon is a joint venture between Injap Investments Inc. headed by Edgar “Injap” Sia II, founder of the Mang Inasal grilled chicken restaurant chain, and Tony Tan Caktiong, chairman and founder of Jollibee Foods Corp.