DoubleDragon income surges 74% in H1

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Metro Manila (CNN Philippines, August 14) — Higher revenues from its office leasing business pushed the earnings of DoubleDragon Properties Corp. by 74.8 percent in the first half of 2019.

In a statement, the listed property firm said its consolidated income jumped to ₱2.20 billion in January to June, from ₱1.26 billion in the same period last year.

Consolidated revenues grew by 54 percent to ₱5.59 billion year on year, while recurring revenues, which accounted for 32.7 percent of the company's overall revenues, increased by 29.1 percent to ₱1.83 billion

Rental revenues reached ₱1.53 billion, a 32.4 percent year on year increase from last year's ₱1.16 billion.

"The company’s retail leasing mall portfolio maintained 94.19 percent leased out while its hotel segment enjoyed average occupancy of 83.84 percent for the first half of 2019 across all five operating hotels," the company said.

DoubleDragon ended the first semester total assets worth ₱89.87 billion and equity of ₱34.63 billion.

DoubleDragon Chairman Edgar “Injap” Sia is bullish on achieveing the company's mid-term goal of 25 percent equal recurring revenue contribution for each of its diverse "pillars of growth": retail leasing, office leasing, industrial warehouse leasing and hotels.

"Our team has been focused on putting in place the right sunrise real estate platforms which will enable DoubleDragon become a durable company that will stand the test of time," Sia was quoated as saying.

Shares in DoubleDragon remained at ₱23 apiece Wednesday.