Property developer DoubleDragon Corp. (DD) saw its consolidated net income for the first six months of 2024 rise 3.5 percent to P1.66 billion as revenues also climbed to P4.4 billion from 3.94 billion.
“Total cash position stands at P7.27 billion as of June 30, 2024, and on top of that, last July 16, 2024 DD’s cash position further went up after the successful issuance of its Otso-Otso Retail Bonds,” Double Dragon Chief Information Officer Joselito Barrera said in a disclosure on Thursday.
The increase in revenues mainly came from rental earnings accruing to P1.97 billion as a result of the increase in rental prices and new tenants.
Real estate sales declined to P571.3 million from P629.2 million, while hotel revenues contributed P406.69 million as it experienced a 38.9-percent spike in revenues due to the increase in occupancy rate for hotel properties and additional hotel revenue from Hotel101-Fort.
DoubleDragon was said to be one of the few companies in the Philippines that developed a novel and unique business model and brand in Hotel101.
Meanwhile, DD’s other income increased 42.9 percent to P1.43 billion from P999.20 million, thanks to the increase in revenues from its cinema, advertising and amusement charges, interests, and other charges to tenants.
DD has completed over 1.3 million square meters of diversified asset portfolio in less than 10 years.
These consist of community malls and warehouses nationwide, office buildings in Metro Manila, and hotels in the Philippines and overseas.
DoubleDragon’s share price fell by 2 centavos to close at P10.36 apiece on Thursday.
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