COMMERCIAL real estate developer DoubleDragon Properties Corp. said net income in the first three quarters surged 83.7 percent year-on-year, driven by increased mall rental income.
In a filing to the local bourse on Thursday, DoubleDragon said earnings in the period rose to P1.40 billion from the P761 million recorded in 2016.
Total revenues in the nine months surged to P4.08 billion from P1.99 billion a year ago.
For the third quarter alone, total revenues stood at P2.45 billion, up 91 percent from last year. Consolidated net income in the third quarter increased 66 percent to P1.02 billion from P616.8 million in the same period last year.
Rental income in the first nine months totaled P448 million, a 194 percent surge from the P152.2 million posted in 2016, driven by the continued expansion of its CityMall unit.
“We are glad that CityMall has already started to gain significant traction in the countryside, which we aim to dominate as we grow organically,” it said.
“The business model of CityMall is positioned to remain relevant beyond the age of digitalization because we focus on delivering only basic necessities, and generally, the supermarket, cinema, services and food tenants combined occupy more than 70 percent of a typical CityMall,” DoubleDragon added.
The listed property developer earlier said it was targeting to operate 100 CityMalls by 2020, most of which would be located in the provinces.