DoubleDragon earnings more than triple

MANILA, Philippines - The property joint venture of the founders of grilled chicken chain Mang Inasal and fastfood giant Jollibee Foods Corp. more than tripled its earnings last year after the company amassed new properties that beefed up real estate revenues.

DoubleDragon Properties Corp. said yesterday its net income last year ballooned 360 percent to P560.8 million from P122.1 million in 2013.

The firm said total revenues from real estate sales reached P1.2 billion from P511 million the previous year.

“2014 has indeed been a significant year for DoubleDragon both financially and through the partnerships that we have formed through the various property projects that we have recently embarked on,” said DoubleDragon chairman and chief executive officer Edgar Sia II. 

Last year, the company said its total assets reached P18.475 billion due to a P10.2 billion increase in investment properties and P3.7 billion increase in cash and cash equivalents.

DoubleDragon said it acquired several projects last year which boosted its real estate inventory.

The firm acquired in June last year a commercial lot in Divisoria and entered into a joint venture with DD-Meridian Park Development Corp.

DD-Meridian is currently developing a 4.8-hectare prime property in Pasay City which upon completion is expected to contribute P1.6 billion in annual rental revenues.

Also adding to the company’s real estate inventory is the acquisition of the SkySuites Tower project in Quezon City last September.

“Let us keep in mind that this is only the beginning of what we all expect to be a robust future for your company,” Sia said.