Consolidated revenues surged 58 percent to P6.9 billion, boosted by a 93 percent jump in real estate sales to P1.1 billion, largely from Hotel101 projects both locally and abroad, its latest financial statement showed.
Interest income more than tripled to P107 million due to higher time deposits, and other income climbed 6 percent to P1.5 billion on foreign exchange and hotel operations.
Rental revenues dipped slightly amid lease transitions, but incoming tenants are expected to restore momentum.
On the cost side, general and administrative expenses rose 36 percent to P1.4 billion, and interest expenses jumped 57 percent to P1.4 billion on financing costs.
DoubleDragon’s income before tax reached P3.1 billion, up 70 percent, though tax expenses surged due to deferred taxes on fair value gains.
Hotel101, the company’s hospitality arm, also made history in July as the first Filipino brand to list on the US NASDAQ. Unrealized gains from completed investment properties added P1.9 billion, while hotel revenues rose to P433 million on stronger occupancy.
—Edited by Miguel R. Camus
