DOUBLEDRAGON Properties Corp. said Monday its consolidated net income in the first half of the year soared 161 percent from a year ago to P376.4 million on the back of robust growth in revenues and improved gross margins.
Consolidated revenues came in at P1.6 billion in the first six months, a 131 percent rise year-on-year, driven by a 4.1 percent growth in recurring revenues, the company told the stock exchange.
Recurring revenues, which grew from the previous year’s P92.4 million to P473.3 million this year, includes rental revenues from the company’s retail portfolio as well as hotel revenues from DoubleDragon’s recent acquisition of Hotel of Asia Inc., their hospitality arm.
The property developer, which currently has 20 operational malls, plans to launch 12 more CityMalls before the end of the year. It also plans to launch DoubleDragon Plaza, a retail strip with four office towers, also within the year.
DoubleDragon recently revised up its net income target for 2020 from P4.8 billion to P5.5 billion. It also announced a planned follow-on equity offering that will “allow the entry of a good base of institutional investors to further strengthen the position of DD in the international investment community,” it said in the disclosure.
“We have always believed in the power of careful planning coupled with sheer focus and passionate execution which we put into action in building DoubleDragon. The DoubleDragon team will continue to develop and nurture its four pillars of growth, which comprise of retail leasing, office leasing, industrial leasing and the hospitality business. The Company is focused on areas of the real estate industry where it can achieve a lasting dominant position,” DoubleDragon Chairman Edgar Sia II said.