LISTED DoubleDragon Corp. (DD) saw a 15% increase in its second-quarter (Q2) attributable net income to P732.73 million from P637.76 million last year, driven by higher hotel revenue.
April-to-June revenue rose by 5.6% to P2.35 billion from P2.23 billion last year, DD said in a regulatory filing on Thursday.
Hotel revenue surged by 44% to P209.35 million. However, rental revenue fell by 7.2% to P1.05 billion, while real estate sales dropped by 3.5% to P324.17 million. Costs and expenses rose by 11% to P1.2 billion from P1.08 billion in 2023.
For the first half, DD grew its attributable net income by 24% to P1 billion from P805.52 million in 2023.
Revenues for the first six months rose by 11.7% to P4.4 billion compared with P3.94 billion last year.
Rental revenue increased by 1% to P1.97 billion due to a combination of rental escalation and new tenants.
Real estate sales dropped by 9.2% to P571.3 million, while hotel revenues rose by 39% to P406.69 million on higher occupancy rates for hotel properties and additional hotel revenue from Hotel101-Fort.
Costs and expenses increased by 15.4% to P2.58 billion from P2.39 billion in 2023.
DD said its total assets for the first half rose by 5.6% to P191.31 billion from P181.24 billion last year.
It added that it is on track to exceed P100 billion in equity this year, after reaching P95.16 billion as of end-June.
“The company is positioned to become one of the few companies in the Philippines with total equity at the 12-digit level,” DD said.
In a separate disclosure, DD’s real estate investment trust, DDMP REIT, Inc., saw a 26.5% decline in its second-quarter net income to P396.53 million from P539.36 million last year.
April-to-June total revenue dropped by 23.7% to P506.21 million from P663.6 million the previous year.
For the first half, DDMP REIT recorded a 23% reduction in its January-to-June net income to P770.98 million from P1 billion in 2023.
Total revenue during the first six months fell by 18.2% to P994.67 million from P1.22 billion a year ago.
Rental income fell by 9.1% to P879.1 million due to expired leases, which will be replaced by incoming tenants.
On Thursday, DD shares fell by 0.19% or two centavos to P10.36 per share, while DDMP REIT stocks gained by 0.98% or one centavo to P1.03 apiece. — Revin Mikhael D. Ochave
