DoubleDragon posts lower earnings in first quarter
MANILA, Philippines — DoubleDragon Properties Corp. posted lower bottom-line numbers in the first quarter, as pandemic restrictions continued to hurt the company’s revenues.
What’s new
The listed property developer of businessman Edgar “Injap” Sia II reported to the stock exchange on Tuesday a consolidated net income of P443.81 million in the first 3 months, down 40.4% year-on-year.
But excluding fair value gains, core net income grew 3.71% on-year last quarter. Still, shares in DoubleDragon tracked a decline in the main index and lost 0.49% to close at P12.12 each on Tuesday.
Why it matters
Since the pandemic hit home, the local property sector has been reeling from the impact of lockdowns that hampered construction activities and left offices and hotel rooms empty. DoubleDragon was not spared from the fallout after its net income fell 43% year-on-year to P6.03 billion in 2020.
But did not stop the company from listing its own real estate investment trust firm last year, which raised P14.7 billion during its much-awaited stock market debut.
What the company says
DoubleDragon did not provide an explanation for its weak financial performance but data showed its consolidated revenues sagged 20.7% on-year to P1.52 billion last quarter “mainly due to the absence of fair value gains.”
On the bright side, recurring revenues grew an annualized 11.4% to P1.03 billion from January to March mainly due to 15.8% jump in rental revenues to P897.05 million.
Other figures
- Debt-to-equity, a measure of a company’s ability to settle obligations, hit a new low of 0.77x in the first quarter, which DoubleDragon claimed was one of the lowest ratios among Philippine listed companies.
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