Profits from new malls boost DoubleDragon net


COMMERCIAL real estate developer DoubleDragon Properties Corp. posted a 111.1-percent year-on-year increase in net income for the first nine months of 2015, as it amassed higher receipts from mall rents and sales, the company announced Wednesday.

In a disclosure to the Philippine Stock Exchange, DoubleDragon said it had a net income of P713.6 million in January to September this year, up from P338.1 million a year ago.

Double Dragon said the opening of its first five CityMalls and its Dragon8 Mall in Divisoria, Manila has contributed to the higher revenue receipts in the third quarter.

“The company is seeing even more significant revenue contribution, once several of its various projects under construction start to operate,” the company stated.

DoubleDragon’s five-year plan is “to develop one million square meters of leasable space anchored by the rollout of 100 CityMalls across the provinces, and through the development of DD Meridian Park, a 4.8-hectare prime commercial block in the Bay Area in Metro Manila.”

Total assets of the company rose 35 percent to P24.9 billion by end-September 2015, as it undertakes full-blast construction of ongoing projects.

Meanwhile, the company posted a consolidated net income of P589.4 million in the third quarter of 2015, a whopping 132.3-percent increase from the P335.6 million registered in the same period of last year.

Also on Wednesday, the DD Board of Directors approved an increase in authorized capital stock and the creation of non-voting preferred shares, a new class of equity security.

Lawyer Joselito Barrera, Jr., DoubleDragons’ chief information officer, said proceeds from the shares, once issued, would be used primarily to fund the company’s capital expenditures for its projects.


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