MANILA - DoubleDragon said Wednesday its net income tripled in the first three months of the year, reflecting a surge in rental revenues.
Consolidated net income in the January to March period grew 349.4 percent to P744.6 million from P165.7 million during the same period in 2017, DoubleDragon said in a statement.
Recurring revenues rose 173.7 percent to P531.4 million, driven by a nearly 292-percent growth in rental income to P409.9 million, the company said in a statement.
"This quarter is quite significant for DoubleDragon as it is the first time we have exceeded P500 million in recurring revenue in just 3 months time marking the beginning of the realization of the projects we have been building," said company chairman Edgar "Injap" Sia.
Chinese expatriate workers in online gaming hubs have helped drive property demand, DoubleDragon said in early May as it inaugurated one of its biggest developments on Manila Bay.
DoubleDragon said it was targetting to complete 1.2 million in leasable space by 2020, including 100 CityMalls, DD Meridian Park, Jollibee Tower, Hotel101 and JinJiang Inn.
Sia said DoubleDragon had "no key maturities" until 2021, as it anticipated early on that rising interest rates would be a risk to its business.
The Bangko Sentral ng Pilipinas on May 10 raised the key borrowing rate by 25 basis points, the first such adjustment since September 2014, after inflation in April reached a 5-year peak.