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DoubleDragon profit surges as new properties open

Posted on August 04, 2014 10:55:00 PM [ BusinessWorld Online ] 

MALL DEVELOPER DoubleDragon Properties Corp. said it expects an even stronger performance in the second half in the wake of sharp growth in its second-quarter net profit to P63.1 million from P3.7 million a year earlier.

The company, which is in a rapid-growth phase as it begins to recognize revenue from new projects, has a P525-million net profit target for the year.

In a statement, the property joint venture, whose main partners founded the Jollibee and Mang Inasal restaurant chains, said pre-tax profit rose to P92.9 million from P5.3 million, driven by “strong sales take-up” of its existing and new developments.

The quarterly results bring first-half net profit to P84.3 million from P13.4 million a year earlier, while pre-tax profit rose to P123.3 million from P19.2 million.

The company provided no further information about its financial performance.

“DoubleDragon continues to sustain its upward earnings trajectory, putting the Company on track to meet its P525-million net income target for the year 2014,” the company said in a statement, noting that the bulk of the profit is expected to come in the second half.

“We expect continued growth in the Philippine property sector, most notably in the commercial retail and office segments,” Mang Inasal founder and DoubleDragon Chairman and Chief Executive Officer Edgar “Injap” Sia II was quoted in a statement as saying.

With its planned chain of 100 community malls nationwide, DoubleDragon said it aims to hit the P1-billion net profit by 2016 and P4.8 billion by 2020, most of it in the form of recurring rental income from the one million square meters of leasable commercial space it plans to build. -- Daphne J. Magturo          
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