DoubleDragon Profit skyrockets in Q3
DoubleDragon Properties Corp. continues its rapid-growth phase in the third quarter of 2014 as income before tax exponentially grew to P362.6 million from P22.1 million, resulting to a net income after tax growth of 1536% to P253.8 million from P15.5 million in the same period last year.
DD’s income before tax for the nine months ended September 30, 2014 rose to P485.7 million from P41.4 million posted in the same period in 2013. This translates to a net income after tax increase of 1065% year-on-year to P337.8 million from P28.9 million for the first nine months of the year.
After posting high growth results in the second quarter, DoubleDragon posts an even stronger third quarter performance putting the Company on track towards its P525 million net income target for the year 2014.
Significant and sizable revenues from existing and new businesses are expected to continue to flow in during the last quarter of the year.
“The Company has maintained a strong market demand for its various projects and our whole team remains thankful for the continued support of everyone” said Edgar “Injap” Sia II, DD Chairman and CEO.
The company is also gaining a very good momentum in executing its commercial/office projects in Metro Manila and its community mall projects in key areas around the country.
Currently, DoubleDragon Properties Corp. has numerous ongoing projects in various stages of construction. The company’s notable projects include The SkySuites Corporate and Residential Towers, dubbed as “The Highest Address in Quezon City”; The Meridian Park project located at the corner of EDSA and Macapagal Avenue in Pasay City near the Mall of Asia Complex, WH Taft Residences beside De La Salle University Taft Avenue, Dragon8 Shopping Center-Divisoria, and the Company’s flagship project – CityMall, which is envisioned to become the largest branded community mall chain in the Philippines.