MANILA, Philippines - DoubleDragon Properties Corp., a company owned by Jollibee Foods Corp. founder Tony Tan Caktiong and Mang Inasal founder Edgar "Injap" Sia II, reported its first quarter profit before tax soared 117 percent in the first quarter.
In a disclosure to the stock exchange, DoubleDragon said its net income surged 117 percent to P21.2 milion in the first three months of the year, from P9.8 million during the same period a year ago.
The property developer's consolidated revenues increased 142 percent to P172.5 million in the January to March period, from P71.3 million a year ago.
The bulk of the revenues came from real estate sales, which were up 139 percent to P170.7 million.
"The company sees to exceed P340 million net profit target this 2014, and on track with its target of P1 billion net profit by 2016 and P4.8 billion by 2020. We expect continuous growth to be driven by current and near-term developments," Sia, DoubleDragon chairman and CEO, said.
Sia said the Dragon Shopping Center in Divisoria, which is set to open in September, is expected to contribute to the company's higher profits this year.
Located at C.M. Recto corner Dagupan St., the Dragon Shopping Center is expected to be one of the "modern tiangge" malls in the Divisoria area. It will have retail shops, a food court, 1099 tiangge stalls and nearly 500 parking slots.
DoubleDragon is targeting to complete five CityMalls this year. It is also eyeing to open 20 CityMalls by 2015. The community mall projects are under CityMall Commercial Centers Inc., which is 66 percent owned by DoubleDragon and 34 percent owned by the SM group.
The developer is targeting to open 100 CityMalls by 2020. It also aims to hit P1 billion net income by 2016 and P4.8 billion by 2020. Most of the profits are expected from recurring rental income of the 1 million square meters of total leasable spaces DoubleDragon is planning.
DoubleDragon made its debut at the Philippine Stock Exchange last April.