DoubleDragon posts P1.2-B consolidated net income in first 6 months of 2022

ABS-CBN News

Posted at Aug 15 2022 05:15 PM

MANILA - DoubleDragon Corp on Monday said its consolidated net income rose 29 percent to P1.2 billion from January to June.

It said the first half's net income is purely core recurring net income.

Consolidated revenues, meanwhile, reached P3.41 billion for the first 6 months, higher by 26.8 percent compared to the same period last year, DoubleDragon told the stock exchange.

DoubleDragon Chairman Edgar Injap Sia II said the company now has over 1.2 million square meters of completed gross floor area.

"We expect this portfolio of hard assets to all mature and generate the optimum level of recurring income production before 2025," he said.

DoubleDragon also operates community malls CityMall, hotel chains Hotel101 and warehouse complexes, among others. 

It said it is also planning the REIT listing of CentralHub Industrial warehouse when the market conditions improve and the construction of Hotel 101 - Niseko in Hokkaido Japan in the fourth quarter this year, Sia added. 

"We believe that DoubleDragon's current overall healthy financial position during this extended economic crisis puts it in a good position to grow and strengthen even more significantly once the next boom cycle starts," DoubleDragon chief investment office Hannah Yulo-Luccino said.

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