DOUBLE DRAGON INCOME DOUBLES
DoubleDragon Properties Corp. has disclosed that its consolidated net income for the first six months has reached Php 4.40 billion, an increase of +100.19% compared to Php 2.20 Billion during the same period last year.
Consolidated revenues for the first six months of 2020 has reached P8.11 billion, an increase of +44.95% compared to Php 5.59 billion during the same period last year.
Excluding unrealized fair value gains for both periods, core revenues have remained stable while core net income of DoubleDragon has more than quadrupled increasing +404.60% year-on-year to Php 578.29 million from only Php 114.60 million during the same period last year.
Core EBITDA has likewise increased by +29.40% year on-year to Php 1.43 billion from Php 1.1 billion during the same period last year.
As of the end of June 2020, consolidated total assets stood at Php 118.25 billion while total equity reached Php 47.86 billion. Debt-to-equity now stands at 0.94x far below its loan covenant debt-to-equity cap of 2.33x which translates to unutilized debt capacity of Php 66.47 Billion.
The company just recently successfully concluded last July 21, 2020 its maiden US$75,000,000 5year dollar bond issuance which is now listed in the Singapore E.xchange Securities Trading Limited (SGX) and trading above par.
The fresh funds from the bond offering would bring its total consolidated cash Balance to almost Php 8 billion, well above its operational requirements for the coming years.
“As COVID-19 quarantine measures are prolonged, consumer behaviour is also altered, and most likely to stay. DoubleDragon is grateful that its portfolio has been tested to be truly resilient during this pandemic," according to DoubleDragon chairman Edgar Injap Sia.
"Most of the tenants of CityMall community centers in the provincial areas are deemed essential and have played a vital role in providing basic necessities and services to each of the communities they serve. The Hotel 101 model being a 3-star hotel maintained high occupancy as it provided accommodation to employees of BPO companies," he added.