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Friday, May 9, 2014

DoubleDragon more than doubles first-quarter profit

DoubleDragon owners Tony Tan Caktiong (left) and Ed Sia (2nd from left) with PSE officials during stock market listing.

The real estate joint venture of the founders of Jollibee and Mang Inasal said earnings surged in the first three months of the year on higher revenues.

In a disclosure to the Philippine Stock Exchange, DoubleDragon Properties Corp chairman and chief executive Edgar "Injap" Sia II said the company expects profit to exceed its net income guidance of P340 million this year, a growth of at least 170 percent from the P126.63 million in 2013.

In the first quarter, DoubleDragon’s earnings surged 117 percent to P21.2 million from P9.8 million in the same period last year.

Consolidated revenues rose 142 percent to P172.50 million in the January to March period from P71.3 million in 2013.

Revenue from real estate sales, which accounts for majority of the consolidated revenues, jumped 139 percent to P170.7 million from P71.3 million previously on the strength of the property development sector.

"We expect continuous growth to be driven by current and near-term developments. DoubleDragon's latest offering, Dragon Shopping Center in Divisoria, is expected to contribute significantly to the net income target for the year," Sia added.

DoubleDragon will build its first mall in Metro Manila at hawkers’ haven Divisoria next month. The shopping center will be completed by September just in time for the Christmas holiday shopping rush.

Envisioned to become one of the country's biggest property developers by 2020, DoubleDragon is building a hundred community malls under the brand CityMalls, mostly in the Visayas and Mindanao.

The company targets to complete five CityMalls this year and will start laying the groundwork for the next 20 to be opened by 2015.

The company raised P1.16 billion from an initial public offering at the start of the year to finance the development of the first five CityMalls, acquisition of land and pre-development work for near-term projects and general working capital purposes.

The company is beefing up its portfolio to generate a net income of P1 billion by 2016 and P4.8 billion by 2020.

DoubleDragon is a 50-50 joint venture between Injap Investments Inc and Honeystar Holdings Corp. Jollibee founder Tony Tan Caktiong owns Honeystar, while Mang Inasal founder Edgar "Injap" Sia II owns Injap Investments.

- Interaksyon

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