DoubleDragon climbs to P1.25B on strong Hotel101 unit sales

LISTED property developer DoubleDragon Corp. posted a first-quarter attributable net income of P1.25 billion, more than four times last year’s P269.5 million, propelled mainly by a surge in Hotel101 unit sales, particularly from its overseas projects.

The company saw its gross revenue for the January-to-March period more than double to P4.45 billion from P2.05 billion in the same period last year, it said in a disclosure to the stock exchange on Monday.

DoubleDragon said its revenue growth for the period was mainly driven by an increase in Hotel101 unit sales boosted by its Hotel101 overseas projects.

Hotel101 is the flagship brand of Hotel of Asia, Inc., DoubleDragon’s hospitality arm.

Broken down by revenue source, gains from fair value of investment properties logged a total of P1.93 billion; rent income at P964.04 million; real estate sales at P417.35 million; and hotel revenues at P221.23 million.

DoubleDragon’s gross expenses for the first quarter grew 30.43% to P1.8 billion from P1.38 billion in the same period last year.

The property developer said it had surpassed 1.4 million square meters of gross floor area (GFA) of completed recurring-revenue asset portfolio from its hard assets in the country.

DoubleDragon has set its ambition to expand its Hotel101 Global portfolio, which aims to include up to 50,000 rooms in the Philippines and one million rooms across 100 countries.

At the local bourse on Monday, shares in the company closed two centavos, or 0.2% higher, at P10.10 apiece. — Ashley Erika O. Jose