DoubleDragon earnings up 10%

MANILA, Philippines — DoubleDragon Properties Corp. grew its net income by 10.4 percent to P1.54 billion in the nine months to September.

Consolidated revenues went up 15.5 percent to P4.72 billion, while recurring revenues soared 166.3 percent to P2.03 billion as the company steadily expanded its recurring revenue sources.

Rental income surged 269.8 percent to P1.66 billion.

Recurring revenues accounted for 43.1 percent of total revenues compared to only 19 percent a year ago as DoubleDragon forged ahead toward its goal of becoming a 90 percent recurring revenue company by 2020.

DoubleDragon Properties chairman Edgar “Injap” Sia said said smaller tier 3 areas in the Philippines are only just beginning to transition from traditional retail to modern retail.

Some of these areas are Cotabato, Kabankalan, Kalibo, Koronadal, Danao, Boracay, Sorsogon, San Carlos, Capiz, Dipolog and over a hundred more similar markets.

DoubleDragon’s CityMall is the first modern retail platform in many of the provincial cities it serves.

Sia said the company’s expansion into the hospitality space has seen a positive reception from the markets especially for its homegrown brand Hotel 101.

The company has already sold over P1.6 billion in units at the recently launched Hotel 101-Fort.

DoubleDragon expects the Hotel 101 brand to continue to contribute significantly as more projects in the pipeline are launched,” said Hannah Yulo, chief investment officer of DoubleDragon.