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Manila Bulletin devider Business devider The Stock Market devider Property valuation, forex gains lead to 2.5x surge in DoubleDragon's profit

Property valuation, forex gains lead to 2.5x surge in DoubleDragon's profit

Published May 19, 2025 03:43 pm
Unrealized gains from fair value of property and foreign exchange gains resulted in a surge in the first quarter profits of DoubleDragon Corporation, the real estate partnership between tycoons Tony Tan Caktiong and Edgar Sia II.
In a disclosure to the Philippine Stock Exchange, the firm said its consolidated net income surged 2.45 times to of ₱2.04 billion in the first quarter of the year from ₱592.9 million in the same period of 2024.
Consolidated revenues jumped by 117 percent to ₱4.45 billion in the first quarter of the year from ₱2.05 billion in the comparative period of 2024.
Rental revenues increased by 4.9% to ₱964.0 million during the first three months of 2025 compared to ₱919.3 million during the same period last year, due to higher occupancy and rental contributions from new properties.
Real estate sales amounted to ₱417.4 million, an increase of 68.9 percent, for the three months ended March 31, 2025 compared to the same period in 2024, on the back of additional sales from Hotel101 and residential projects of the Group especially real estate sales from Hotel101-Madrid and Hotel101-Niseko.
Hotel revenues of ₱221.2 million also contributed 5.0 percent of the consolidated revenues for the first three months of 2025, an increase of 12.1 percent from ₱197.3 million posted in the same period in 2024, due to increase in occupancy rate of hotel properties.
Unrealized gains from changes in fair values of investment property is at ₱1.9 billion for the three months ended March 31, 2025 due to completion of projects during the period.
The Company’s interest income for the first three months of 2025 increased by 191.4 percent to ₱49.8 million, compared to ₱17.1 million in 2024, mainly from the increased in interest income from time deposits.
Furthermore, a 30.1 percent increase in Other Income from ₱670.8 million to ₱872.5 million was registered due to the increase foreign exchange gain and other income for the three months ended March 31, 2025.

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DoubleDragon Corporation Edgar Sia II Tony Tan Caktiong Hotel101
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