Posted on November 11, 2015 10:14:00 PM
[ BusinessWorld Online ]
PROPERTY firms Filinvest Land, Inc. and
DoubleDragon Properties Corp. yesterday reported mixed results, with profits of
both still rising in the third quarter albeit at different paces.
Filinvest Land registered slower growth
in earnings in the third quarter on the back of a slight decline in leasing
revenues.
The Gotianun-led property developer saw
its net profit rise by 5% to P925.67 million in the July to September period
from P885.38 million a year ago.
The pace of income growth was slower
than the 28% expansion registered a year ago after consolidated revenues for
the quarter slipped 0.45% to P4 billion from P4.02 billion.
Weighing on revenues was the 1.94% drop
in rental services to P600.9 million from P589.26 million. Real estate sales,
on the other hand, inched up 2.78% to P3.11 billion from P3.03 billion.
Nine-month consolidated revenues,
however, rose by an annual 8% to P12.71 billion from P11.82 billion driven by
the 7% uptick in real estate sales and 8% growth in revenues from rental
assets.
As a result, Filinvest Land’s net profit
jumped 12% year-on-year to P3.24 billion in the first nine months of the year
from P2.89 billion, as cost of real estate sales and rental services went up by
5% and 8%, respectively.
Shares in Filinvest Land slid five
centavos or 2.94% to close at P1.65 apiece on Wednesday.
DOUBLEDRAGON
On the other hand, DoubleDragon
Properties said it plans to issue non-voting preferred to fund its rich
pipeline of projects after reporting that net income more than doubled in the
July to September period.
DoubleDragon’s board of directors
approved the creation of 200 million non-voting preferred shares with a par
value of P100 per share, which may be issued in one or more tranches, it said.
This, as DoubleDragon reported that its
consolidated net income surged 132% to P589.4 million in the third quarter from
a year ago.
This translated to a 111% year-on-year
increase in net income to P713.6 million in the first nine months of the year.
“The company is seeing even more
significant revenue contribution once several of its various projects that are
currently under construction start to operate.”
Its shares added 20 centavos or 0.97% to
close at P20.75 apiece on Wednesday. -- Krista Angela M. Montealegre
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