DoubleDragon profit slightly up in H1

MANILA, Philippines — DoubleDragon Corp., the listed developer chaired by Edgar “Injap” Sia II, posted a slight improvement in its profit in the first half on the back up sustained revenue growth.

DoubleDragon’s net income increased by 3.8 percent to P1.66 billion in the first semester from P1.60 billion in the same period in 2023.

The company booked an 11.7-percent revenue hike to P4.40 billion from last year’s P3.94 billion.

The combination of rental escalation and new tenants boosted rental revenues to P1.97 billion during the period, while higher occupancy rates for hotel properties lifted hotel revenues to P406.69 million.

Real estate sales, however, declined by 9.2 percent to P571.30 million due to the timing of recognition based on construction completion.

With total equity rising to P95.16 billion, DoubleDragon said its total equity is on track to exceed P100 billion for the first time this year.

The company said it is positioned to become one of the few firms in the Philippines with total equity at a 12-digit level.

“DoubleDragon happens to be one of the very few companies that has not only positioned a diversified hard asset portfolio spread out across the Philippines, but it also happens to be one of the very few that has organically developed a novel asset-light concept and highly unique business model in Hotel101 that is portable and exportable to other continents globally,” it said.

DoubleDragon’s real estate investment trust, DDMP REIT Inc., posted a 23-percent drop in net income to P770.98 million in the first half from P1 billion last year.

The company’s revenues fell by 18.2 percent to P994.67 million compared to P1.22 billion in 2023.

Rent income declined by 9.1 percent to P879.1 million due mainly to expired leases which incoming tenants will replace.