DoubleDragon profit soars to P3.91 billion from January to September

MANILA, Philippines — DoubleDragon Corp., the listed property business of Edgar “Injap” Sia II and Tony Tan Caktiong, has nearly quadrupled its profit, fueled by strong overseas projects that generate dollar revenues.

In a disclosure to the Philippine Stock Exchange, DoubleDragon Corp. reported yesterday that its core net income surged to P3.91 billion from January to September compared with P1.1 billion in the same period last year.

Consolidated revenue doubled to P20.78 billion.

DoubleDragon said overseas operations generated the majority of revenue at 59 percent, driven by growing demand for global projects.

DoubleDragon subsidiary Hotel101 Global Holdings Corp. demonstrated its value proposition when its 680-room Madrid hotel sold out on opening day. The company earns twice from its projects: first, from unit sales and second, from hotel operations.

Given this, DoubleDragon expects to sustain its growth story. The company aims to become a major dollar earner for the Philippine economy.

DoubleDragon said it has no ongoing condominium projects, making it least exposed to the glut of unsold units, particularly in Metro Manila.

Colliers Philippines said unsold condo units in Metro Manila hit 80,000 as of September, 44 percent of which are priced for lower-middle-income buyers at P3.6 million to P6.99 million.

DoubleDragon also said it has no exposure to large business process outsourcing locators, some of which are expected to reduce office space as they automate voice transactions.

DoubleDragon booked P1.13 billion in profit in the third quarter, which is six times larger than a year ago’s P183.67 million. This aligns with DoubleDragon’s expectations of faster growth in the second half.

DoubleDragon is opening new malls and warehouses nationwide. It also expects new sales from Hotel101 projects here and abroad.

“DoubleDragon has generated a significant increase in its core revenues and income, and it expects an even higher jump in core revenues by the second half of this year,” the developer said.