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Thursday, November 6, 2014

Community mall developer DoubleDragon's Jul-Sep bottom line balloons

DoubleDragon Properties Corp stayed on course to hit its income target for the year on the back of solid earnings in the third quarter.

In a disclosure to the Philippine Stock Exchange, the real estate joint venture of the founders of fast food giants Jollibee and Mang Inasal said it pocketed P253.8 million in the July to September period, significantly higher than the P15.5 million registered in the same period last year.

Quarter-on-quarter, DoubleDragon's profit quadrupled from the P63.1 million booked in the April to June period. Nine-month earnings ballooned to P337.8 million from P28.9 million a year ago.

While net income at end-September only accounts for 64 percent of the full-year target, DoubleDragon said it is on track to reach its P525-million earnings guidance for the entire 2014 as "sizable" revenues from existing and new businesses are expected to be recognized in the fourth quarter of the year.

"The company has maintained a strong market demand for its various projects and our whole team remains thankful for the continued support of everyone," DoubleDragon chairman Edgar "Injap" Sia II.

In addition, the property company noted that it is gaining momentum in executing its commercial and office projects in Metro Manila as well as community malls in key areas around the country.

So far, DoubleDragon has secured 13 sites for its CityMall chain, putting its subsidiary CityMall Commercial Centers Inc on track to meet the target of operating 25 community malls by end-2015, and 100 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 Sia II owns Injap Investments.

The company is beefing up its portfolio of developmental and recurring income-generating projects to generate a net income of P1 billion by 2016 and P4.8 billion by 2020, making it one of the biggest players in the local real estate scene.

- Interaksyon

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