• Net income inches up to P2.55 billion as tax expense surges
• Real estate sales more than double and power consolidated revenue
• Costs accelerate across operations while finance charges jump
DoubleDragon Corp., led by tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, booked P10.50 billion in consolidated revenue for the first nine months of 2025, lifted by a sharp rebound in real estate sales that offset heavier expenses and rising finance costs.
The company’s income before tax climbed to P3.2 billion from P2.7 billion while net income was flat at P2.5 billion.
What stands out
Real estate sales soared to P2.2 billion, up 161.2 percent from a year earlier, driven by additional sales from Hotel101 and residential developments across domestic and international projects.
Rental income rose 4.1 percent to P3.1 billion as occupancy improved and new tenants came on board. Hotel revenues added P646.3 million, up 4.5 percent due to stronger property occupancy.
The period also saw P1.9 billion in unrealized gains from changes in fair values of investment properties as projects reached completion.
Interest income more than doubled to P128 million on higher yields from cash deposits and short-term placements.
Other income climbed 27.9 percent to P2.45 billion on higher tenant charges, cinema sales and other collections.
Why the bottom line barely moved?
Despite stronger operating contributions, the company’s income tax expense jumped to P691.4 million from P195.3 million.
Management attributed the increase mainly to deferred tax expense triggered by unrealized fair value gains. That tax surge absorbed much of the growth in income before tax, leaving net income nearly flat year-on-year.
Higher costs
Cost of real estate sales jumped 207.2 percent to P1.32 billion in line with the surge in unit sales.
Hotel operating costs increased 10.6 percent to P478.4 million, reflecting higher rents and operating activity.
General and administrative expenses almost doubled to P2.8 billion on increased staffing, taxes, utilities and depreciation.
Finance costs were a major swing factor. Interest expense soared 102.4 percent to P2.4 billion due to higher loan-related charges and the significant financing component tied to revenue contracts.
—Edited by Miguel R. Camus
