Manila Philippines
Double Dragon Properties Corp., the company co-built by the founders of
Jollibee and
Mang Inasal, is still far behind its annual income growth target despite seeing its first half income surged by up to six times.
A disclosure to the Philippine Stock Exchange showed that Double Dragon is still sticking to its full-year profit target of P525 million for this year.
This means that in order for it to achieve the said profit, the recently listed real estate company has to book 522 percent of income growth or additional R440 million.
Still, the company is pinning high hopes that the company would do better during the second half of the year.
Bulk of net income sources of Double Dragon is expected to come in the second half of the year from its existing business and new investments and developments.
“We expect continued growth in the Philippine property sector, most notably in the commercial retail and office segments,” DD chairman and chief executive officer Edgar ‘Injap’ Sia II said in a statement.
During the first half of the year, Double Dragon saw its net income after tax increasing by 526 percent year on year to P84.3 million from P13.4 million it had in the first half of the year.
Its income before tax for the first half, on the other hand, rose by 541 percent to P123.3 million from P19.2 million it posted in the first half of 2013.
For the second quarter alone, the income after tax of the company grew 1605 percent to P63.1 million from P3.7 million year on year, while profit before tax surged by 1656 percent to P92.9 million from P5.3 million.
By 2016, Double Dragon aims to reach R1-billion net profit and P4.8 billion by 2020.
“Large portion of the profit is seen to come from the recurring rental income of the 1 million square meters of total commercial and office leasable spaces that the company is currently building up,” Double Dragon told the local bourse.
Source: Manila Bulletin
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