DoubleDragon’s first-half core profit soars 161%

MANILA, Philippines — DoubleDragon Corp. reported a 161.89 percent surge in its first-half core net income as the property developer continued its shift toward recurring revenues.

On Monday, DoubleDragaon said core net income reached P2.41 billion in the first half, while core revenues jumped 70.2 percent.

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Consolidated revenues, meanwhile, rose by 23 percent to P8.55 billion from the same period last year.

“DoubleDragon’s core revenues continue to accelerate strongly, and as expected being part of its growth trajectory, the company continues its transition away from fair value gains and towards recurring and core operating revenues as the investment and leasing properties gets completed and starts to generate recurring revenues,” the company said.

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The company anticipates a full shift to core revenues from 2028 onward.

DoubleDragon expects core revenue growth in the second half, driven by its leasing portfolio, new malls, warehouses, office tenants, sales from MerryMart supermarkets and Hotel101 units both locally and abroad. /pai