Property developer DoubleDragon Properties Corp. on Monday said its core income in the first semester grew more than sixfold to P3.72 billion from last year’s P578.29 million, despite posting flat revenues and a single-digit growth in recurring incomes.
The company said its core revenues in January to June reached P2.69 billion, or almost the same as last year’s P2.64 billion. It said the company’s recurring revenues grew by 6 percent to P1.99 billion from last year’s P1.88 billion primarily on the back of its rental income which rose 6.6 percent to P1.71 billion from the P1.61 billion in the first half of 2020.
The company also said its unutilized debt capacity stood at P95.45 billion.
“DoubleDragon’s journey to growth, as the company progresses forward and evolves to maturity, will be filled with a collage, of both small, and bold decisions, that may be variedly perceived, from different points of view. But let me assure you, that each and every bit and piece, that consist the core of DoubleDragon, are always, deliberately intended, for the long-term benefit of all its stakeholders,” company chairman Edgar Sia II said.
“We are determined to cause DoubleDragon to soon become an active contributor in the rebuilding of our new economy, and to become a major beneficiary in the next coming positive cycle post this unprecedented global pandemic.”
Meanwhile, its real estate investment trust unit DDMP Reit Inc. said its income in the second quarter reached P1.44 billion. The company did not provide its prior year’s income.
Its rental income reached P547.70 million for the quarter ending June 30, some 7 percent higher than the previous quarter’s P508.58 million.
“We are pleased to conduct the third consecutive cash dividend declared to the shareholders of DDMP REIT since it listed last March 24, 2021, this time covering the profits that DDMP REIT generated during the second quarter of 2021. DDMP REIT has already started to avail of the benefits of the tax incentives provided by the REIT Law of the Philippines which led to a 37.95-percent increase in dividends paid quarter on quarter,” Sia said.
“As we originally anticipated these tax incentives has created a significant positive impact on the amount of cash dividends available for declaration to the shareholders of DDMP REIT.”