DOUBLEDRAGON Properties Corporation said net income for the first half increased 16 percent from a year ago to P144 million driven by a surge in rental revenues.
In a disclosure to the Philippine Stock Exchange on Monday, DoubleDragon said rental revenues soared 649 percent in the first six months, which was driven by its CityMall developments which are already operational and by Dragon8 Mall in Divisoria which is now 95 percent leased out.
The company has eight operational CityMalls averaging 96 percent leased and a total prime commercial landbank of 67 hectares.
Total revenues jumped 15 percent to P706 million in the first half, while total assets rose 41 percent to P39.03 billion, boosted by the issuance of P10 billion in preferred shares last April.
DoubleDragon chairman Edgar “Injap” Sia II said the company has secured 51 prime locations for its CityMall developments, while eight are already open and 24 more are simultaneously under construction.