DoubleDragon 3Q Net Income Up 132% YoY
Pasay–(PHStocks)–DoubleDragon’s (PSE: DD) consolidated net income of PhP589.4 million grew by 132.3% for the three months ended September 30, 2015 versus the same period last year. This translates to a net income after tax increase of 111.1% year-on-year to PhP713.6 million for the first nine months of the year.
The company maintained its high growth trajectory for the first nine months of 2015 as income before tax rose by 112.8% to PhP1.034 billion from the first nine months of 2014.
The opening of the first five CityMalls and the opening of Dragon8 Mall-Divisoria during the third quarter of this year have started to contribute in terms of rental revenues and revenue from sales of mall stall units.
The company is seeing even more significant revenue contribution once several of its various projects that are currently under construction start to operate. The company is currently constructing several CityMalls across the country as it builds up its recurring revenue stream from projects such as CityMall and DD-Meridian Park.
The five-year Vision of DoubleDragon is to develop 1 million square meters of leasable space anchored by the rollout of 100 CityMalls across the provinces and through the development of DD Meridian Park, a 4.8 hectare prime commercial block in the Bay Area in Metro Manila.
Total assets of the company rose 35% to PhP249 billion by end-September 2015 as it undertakes full blast construction of its ongoing projects.
DoubleDragon’s Board of Directors approves the increase in authorized capital stock and creation and issuance of Non-voting Preferred Shares
The board of directors has also approved the increase in its authorized capital stock and the creation of a new class of equity security, non-voting preferred shares.
Once these are issued, the proceeds will be primarily used to fund the capital expenditures of the company’s projects.