DoubleDragon 9-month earnings stable at P 2.55B
DoubleDragon Corp. saw little movement in its bottom line as its expenses surged in the first nine months despite stronger revenues.
In a disclosure on Monday, the company founded by tycoons Tony Tan Caktiong and Edgar Sia II said consolidated net income had reached P2.55 billion, just up 0.7 percent from P2.53 billion a year ago.
This was despite its revenues soaring to P10.46 billion from P6.42 billion in the same period last year.
Breaking down, rental revenues improved by 4 percent to P3.1 billion following higher occupancy rates. Real estate sales also spiked to P2.19 billion from P838 million.
Hotel revenues booked a 6-percent growth, reaching P646.3 million.
Meanwhile, the group’s expenditures during the period ballooned by 95 percent to P7.21 billion from P3.69 billion, due to a sharp increase in interest costs, administrative and operating expenses, alongside real estate and hotel operating costs.
DoubleDragon said its gross floor area of completed revenue assets had hit 1.5 million square meters. It has assets in key areas across the Philippines.
These assets include a chain of provincial community malls in Luzon, Visayas and Mindanao. It also owns and manages office buildings in Metro Manila, hotels in the Philippines and overseas, as well as warehouse complexes around the country.
With a target to launch a P24.8-billion warehouse leasing portfolio, the firm said it was “actively building out” CentralHub, its joint venture with Jollibee Foods Corp.
Expanding this business will also allow DoubleDragon to list it as the country’s first industrial real estate investment trust.
It likewise has properties abroad through its subsidiary Hotel101 Global. The unit seeks to build presence in 25 countries in the next three years. It has an ambitious target of establishing about 1 million rooms in 100 markets.
Hotel 101 Global is listed on the Nasdaq stock exchange in the United States.
