DoubleDragon Properties’ Q1 Net Income More Than Triples to P744.56M
Manila, Philippines—DoubleDragon Properties Corp.’s net income for the first quarter of 2018 reached P744.56 million, an increase of 349.4% compared to the net income of P165.67 million during the same period last year.
The company’s recurring revenues, on the other hand, have increased 173.7% (P531.38 million) for the first three months of 2018 compared to P194.18 million during the same period last year. This is due to the growth of its rental income, which increased 291.9% (P409.71 million) during the first three months compared to P104.71 million during the same period last year.
The company’s four office towers at DoubleDragon Plaza, the first phase of DD Meridian Park, are now 98.2% leased out and will substantially contribute to the rental revenues starting this year. The majority of the company’s leasable portfolio still remain in retail with its 29 operational malls nationwide in line with its goal of having 50 malls completed by this year. All operational CityMalls are averaging 95% leased out as of the end of the first quarter of 2018.
DoubleDragon targets to complete a leasable portfolio of 1.2 million square meters by 2020 comprising of 700,000 square meters from 100 CityMalls; 300,000 square meters from office projects DD Meridian Park and Jollibee Tower in Manila; 100,000 square meters from the planned 5,000 hotel rooms of Hotel101 and Jinjiang Inn Philippines, and another 100,000 square meters of industrial space from 8 CentralHub sites across Luzon, Visayas, and Mindanao.