DoubleDragon profit more than doubles in Q3

MANILA, Philippines - DoubleDragon Properties Corp., a joint venture between Mang Inasal founder Edgar ‘Injap’ Sia II and Jollibee Foods Corp. owner Tony Tan Caktiong, reported a 132.3 percent jump in its third quarter profit to P589.4 million.

This brought total net income for the first nine months to P713.6 million.

DoubleDragon said its new malls have boosted its rental and sales revenues. It opened its first five CityMalls this year and opened Dragon8 Mall-Divisoria.

“The company is seeing even more significant revenue contribution once several of its various projects that are currently under construction start to operate,”DoubleDragon said.

Several CityMalls are under construction across the country in line with the company’s goal to strengthen recurring revenue stream from projects such as CityMall and DD-Meridian Park.

Meridian Park is the company’s 4.8-hectare development in the Bay Area in Metro Manila.

DoubleDragon aims to develop one million square meters of leasable space with the rollout of its target 100 CityMalls nationwide by 2020.

As of end of September, the company’s total assets increased 35 percent to P24.9 billion.

The company acquired its first CityMall site in Roxas City in December 2013. It is also securing 14 more CityMall sites in Zamboanga, Cebu, Iloilo, Cavite, Cotabato, Pampanga, Kalibo, Boracay, Quezon and Bacolod.

DoubleDragon hopes to be one of the top five largest property companies in the country by 2020.

Incorporated in 2010, the company made its debut at the Philippine Stock Exchange last year and successfully raised P1.6 billion from its initial public offering (IPO).