DoubleDragon books P3.72 billion core net income in first half

ABS-CBN News

Posted at Aug 16 2021 02:07 PM

MANILA - DoubleDragon Properties Corp said its core net income rose more than sixfold in the first half of 2021 compared to the same period last year. 

The property firm led by self-made billionaire Edgar “Injap” Sia said it posted a net income of P3.72 billion in the first six months of the year, which was 543 percent higher than in 2020. 

It also posted consolidated revenues of P2.69 billion, up 1.74 percent and saw recurring revenues rise 5.96 percent to P1.99 billion. 

“We are determined to cause DoubleDragon to soon become an active contributor in the rebuilding of our new economy, and to become a major beneficiary in the next coming positive cycle post this unprecedented global pandemic,” said Sia.

The company said DDMP REIT’s office portfolio maintains 97.72 percent occupancy with the office sector remaining stable.

DoubleDragon’s 43 commercial centers nationwide maintained 89.58 percent occupancy with majority of the leasable space in CityMalls dedicated to essential services such as supermarkets, pharmacies, clinics, and banks, it added.

It also signed a P3.97 Billion agreement for an equity partnership with Jollibee Foods Corp in CentralHub.

The company said it is also set to complete its office tower by the end of the year. 

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