DoubleDragon income flat despite surge in revenues

Earnings of DoubleDragon Corp., the property developer chaired by tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, stood flat in the first nine months as higher cost and expenses offset a surge in revenues.

- By RICHMOND MERCURIO

DoubleDragon reported a net income of P2.55 billion from January to September, slightly higher by 0.7 percent from last year’s P2.53 billion.

Consolidated revenues for the period soared by 63 percent year-on-year to P10.46 billion.

Higher occupancy and rental from new tenants lifted rental revenues by 4.1 percent to P3.11 billion, while additional sales from Hotel101 and residential projects boosted real estate sales by 161.2 percent to P2.19 billion.