DoubleDragon profit up at P623M

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LISTED property developer DoubleDragon Properties Corp. said on Friday that its net income in 2015 grew by 11 percent from a year earlier on the back of recognized sales from various projects.

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In a disclosure to the Philippine Stock Exchange (PSE), DoubleDragon said its net income last year increased to P623 million from P561 million in 2014, while revenues grew 13 percent to P1.9 billion from P1.7 billion in the previous year.

The increase in earnings came on the back of recognized sales from W.H Taft Residences, which was fully completed in 2015, and The SkySuites Tower, which is set to be completed in 2018.

“Both projects are interim projects that DoubleDragon strategically acquired in order to bridge the Company while it builds up its leasing portfolio and transitions into becoming a 90-percent recurring revenue company by 2020,” DoubleDragon said.

It said rental revenues last year rose 19 percent from a year earlier to P117 million, while total assets increased 50 percent to P27.8 billion, bulk of which are investment properties intended for leasing out.

DoubleDragon said its investment properties amounted to P19.9 billion in 2015, almost double the P10.5 billion worth of investment properties in 2014, with the increase mainly due to the aggressive land banking initiatives of the company.

“To date, DoubleDragon has already secured two-thirds of the land bank it needs for its 5-year plan consolidating over 60.1 hectares of prime commercial land across the country,” the company said.

Its five-year vision is to develop 1 million square meters of leasable space that will translate to P4.8 billion net income by 2020. A big part of the said goal will be achieved with the rollout of 100 CityMalls across second- and third-tier provincial cities in the country.

In 2015, DoubleDragon said it secured an additional 25 prime commercial sites for its CityMall projects, bringing its CityMalls portfolio to 39 as of the end of last year.

It also opened last year five CityMall branches which, on average, are 95 percent leased out. It said 25 CityMalls are simultaneously being constructed and are expected to be opened by the end of the year.

To complete its goal of 1 million square meters of leasable space, the company is currently constructing two commercial office projects in Metro Manila, namely DD Meridian Park and Jollibee Office Tower.

“Both projects are expected to bring in close to 330,000 square meters of leasable space once fully complete, but this is expected to start contributing lease revenues by 2018 when DoubleDragon Plaza, the first phase of DD Meridian Park, is fully operational,” DoubleDragon said.

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