DoubleDragon delivered another solid quarter of growth, with its net income soaring to P290.76 million from only P205.67 million in the same period last year.
Revenues rose 11.8 percent to P1.7 billion on higher real estate sales. Rental revenues increased to P903.17 million or 52.7 percent of the total.
Hotel revenues accounted for P119.53 million or seven percent of the consolidated revenues. This was 12.8 percent lower than the previous year due to the decrease in occupancy rate for certain properties.
Interest income plunged by 88 percent to ₱1.96 million as a result of the decrease in the company’s deposit placements with financial institutions.
DoubleDragon has already surpassed its 1.2 million square meter target of completed portfolio nationwide. This is expected to generate cash flows and project yields that will organically grow without continuous capital outlay, primarily driven by the embedded escalation rates in its lease contracts with its tenants.
The company has established a successful track record of expansion by accumulating an investment property portfolio with a total value of ₱112.39 billion as of end-December.
Samsung Electronics became the first chipmaker in the world to mass produce advanced 3-nanometre microchips, the company said Thursday, as it seeks to catch up with Taiwan’s TSMC.