DoubleDragon Corp.’s first-quarter net income surged 245 percent to P2.05 billion, driven by unrealized gains from the revaluation of investment properties.
These gains, stemming from changes in the fair value of investment properties, reached P1.9 billion as several projects were completed during the period.
Total consolidated revenues reached P4.45 billion, up 117 percent year-on-year, according to its financial report filed with the Philippine Stock Exchange.
The revenue growth was boosted by a 69 percent increase in Hotel101 unit sales, particularly from Hotel101’s overseas projects such as Hotel101-Madrid and Hotel101-Niseko.
Rental income also grew to P964 million, while hotel revenues rose 12.1 percent to P221.2 million due to higher occupancy rates.
Meanwhile, DoubleDragon also reported that total equity as of March 31, 2025 stood at P102.1 billion.
The company is also looking to further boost its balance sheet.
“DoubleDragon’s balance sheet is also expected to be further solidified once the upcoming U.S. NASDAQ listing of its subsidiary Hotel101 Global is completed,” the company said.
DoubleDragon has exceeded 1.4 million square meters of completed gross floor area (GFA) across its recurring revenue assets, including community malls, hotels, office buildings and warehouses spread throughout Luzon, Visayas and Mindanao as of the end of March.
These include assets in remote areas such as Cotabato City, Isulan Sultan Kudarat, and even as far as Basilan and Sulu in the Bangsamoro Autonomous Region.
DoubleDragon last week unveiled Hotel101-Roxas Boulevard, its latest development project located on a prime 1,790-square-meter commercial land along Roxas Boulevard in Pasay City.
The hotel will have a total of 34 floors with 700 rooms.
Hotel101-Roxas Boulevard is expected to generate P5.25 billion in unit sales revenues.
The project is set to begin construction in the second half of 2025, with a target completion set for the second half of 2028.