DoubleDragon income surges 6-fold in H1

MANILA, Philippines - Double Dragon Properties Corp., the joint venture of the founders of grilled chicken chain Mang Inasal and fastfood giant Jollibee Foods Corp., recorded a profit surge in the first half driven by high residential sales and new investments.

In a disclosure, DoubleDragon said its net income grew more than six times to P84.3 million in the first semester from P13.4 million a year ago. 

In the second quarter alone, earnings spiked more than 17 times to P63.1 million from P3.7 million year-on-year.

“Significant increase in consolidated revenues is driven by strong sales takeup of its existing business and new investments and developments,” DoubleDragon said, adding that the latest data allowed it to remain in track to hitting the full-year net income target.

DoubleDragon’s first residential foray in Metro Manila is the 30-story W.H. Taft Residences beside De La Salle University along Taft Ave.

Last month, DoubleDragon upgraded its profit forecast to P525 million this year, higher than the P340 million announced earlier. Bulk of the 2014 net income is expected to come from new business operations in the second half.

“We expect continued growth in the Philippine property sector, most notably in the commercial retail and office segments,” said DoubleDragon chairman and CEO Edgar “Injap” Sia II.

For instance, subsidiary CityMall Commercial Centers Inc. (CMCCI) branches in Roxas City, Zamboanga-Tetuan, Tagbak-Jaro in Iloilo, Consolacion in Cebu and Anabu-Imus in Cavite will start operations late this year. CMCCI is 66-percent owned by DoubleDragon while the remaining 34 percent is held by mall and banking conglomerate SM Investments Corp.

DoubleDragon will also open the Dragon Shopping Center in September, in time for the Christmas holiday shopping rush in the Divisoria area. Dragon Shopping Mall, just in front of the 168 Shopping Mall and beside the Tutuban Shopping Center, will house several retail shops, a food court, 1,099 tiangge stalls and almost 500 parking slots.

DoubleDragon aims to reach P1 billion net income level by 2016 and P4.8 billion by 2020. It aims to reach one million square meters (sqm) of total leasable space portfolio by 2020, of which 700,000 sqm is expected to come from the planned 100 CityMall community malls, mostly in the Visayas and Mindanao.