Double Dragon Properties Corp. on Thursday reported an 83.7-percent increase in net income to P1.47 billion in the first nine months from P623 million in the same period last year.
Double Dragon said in a disclosure to the stock exchange total revenues reached P4.08 billion in January to September, up from P1.99 billion a year ago.
Revenues in the third quarter alone amounted to P2.45 billion, or 91 percent higher than P1.28 billion it booked in the same period last year.
Rental income in the first nine months rose 194 percent year-on-year to P448 million from only P152.2 million a year earlier, after the company opened its 25th CityMall in Koronadal City, South Cotabato.
Double Dragon’s recurring revenue reached P764 million, now forming 18.7 percent of total revenues compared to only 7.7 percent of revenues in the same period last year.
“We are excited for 2018 which will mark a transformational year for DoubleDragon as it shifts from deriving its revenues and income from non-recurring sources to recurring sources as more of its core projects under construction start to turn over and start contributing,” DoubleDragon chief information officer Hannah Yulo said.