DOUBLEDRAGON Properties Corp., the real estate firm owned by the founders of Jollibee and Mang Inasal, saw its net income increase by 6% in the first quarter of the year, driven by higher residential sales and rental revenues.
In a regulatory filing, DoubleDragon said its first quarter profit stood at P39 million, from P36.67 million during the same period a year ago.
Total revenues jumped by 33% to P308.3 million as of end-March, from P232.65 million a year ago.
“Of the P308.3 million consolidated revenues, P240.7 million are from real estate sales, P66.3 million of which were derived from the recently completed W.H. Taft Residences while P92.3 million was from sales booked in The SkySuites Tower which is slated for completion in 2018,” DoubleDragon said.
The company acquired and took over the development of W.H. Taft from Philtown Properties in November 2012, while it purchased the unfinished SkySuites Tower from Rizal Commercial Banking Corp. in September 2014.
DoubleDragon is in the midst of transitioning to the recurring revenue model, with rental revenues rising 25 times year-on-year to P45.61 million.
Rental revenues came mainly from the five CityMalls and the Dragon8 Mall in Divisoria that opened last year. At present, 7 CityMalls are operating in the country.
On the other hand, DoubleDragon reported a 32% increase in cost and expenses to P238.95 million in the first three months of the year
Starting this year, DoubleDragon plans to open 25 CityMalls annually, allowing the company to reach its 100-store goal by 2019 — a year ahead of its 2020 target.
Shares in DoubleDragon lost 45 centavos to close at P47.80 apiece on Tuesday.