CEBU

DD Properties logs P745M net income

DOUBLEDRAGON Properties Corp. has reported that its consolidated net income for the first three months of 2020 reached P744.74 million.

Excluding unrealized fair value gains for both periods, its core net income has more than doubled, increasing 133.09 percent year-on-year to P427.94 million from only P183.59 million during the same period last year.

Core earnings before interest, taxes, depreciation and amortization likewise increased by 14.49 percent year-on-year to P1.01 billion from only P881.81 million during the same period last year.

Moreover, DoubleDragon’s recurring revenues rose 20.51 percent to P927.91 million for the first three months of 2020, higher than the P769.99 million during the same period last year, driven primarily by the growth of its rental revenues. Rental revenues grew 23.56 percent to P774.97 million during the first three months of 2020 from P627.21 million during the same period last year. (PR)


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