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Property firms report mixed Q3 results

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.

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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