DoubleDragon Properties Corp. reported on Wednesday that its core net income surged by 133.09 percent to P427.94 million in the first quarter of 2020 from P183.59 million in the same period last year.
In a filing, the listed property company said the latest amount excluded unrealized fair value gains, adding that its consolidated net income reached P744.74 million in January to March.
“The variance in consolidated net income is due to [the] one-off fair value (FV) gains during the first quarter of 2019, stemming from the completion of DoubleDragon Center East,” it explained.
Core revenues jumped by 23.71 percent to P1.46 billion in the first three months from P1.18 billion year-on-year, while recurring revenues leaped by 20.51 percent to P927.91 million from P769.99 million.
DoubleDragon credited this double-digit growth to its rental revenues, which grew by 23.56 percent to P774.97 million from P627.21 million.
Recurring revenues, it said, now account for 48.46 percent of consolidated revenues as it continues to march toward its goal of becoming a 90-percent recurring-revenue company.
“DoubleDragon’s string of over 200 hectares of prime assets spread across the country continues to increase its relevance and value. [It] has been glad to be able to benefit from FV gains from these string of ‘choice cut’ hard assets historically,” DoubleDragon Chairman Edgar “Injap” Sia 2nd was quoted as saying in the filing.
“While the appraisal values of the company remain conservative year-on-year, it cannot ignore the value appreciation of its carefully chosen string of prime hard assets that were acquired at far lower prices, mostly from 2014 to 2016,” he added.
The company also looks to complete a leasable portfolio of 1.2 million square meters by 2022 and spread these across its core business segments.
DoubleDragon shares declined by 4 centavos or 0.23 percent to P17.08 apiece on Wednesday.