Property firm reports 44% surge in first-half profit on real estate sales

DoubleDragon Corp. recorded a sharp rise in profits for the first half of 2025, with consolidated net income climbing 43.72 percent to P2.37 billion from P1.6 billion a year earlier, buoyed by strong real estate sales and higher property valuations.

In a disclosure to the Philippine Stock Exchange, the property developer reported total consolidated revenues of P6.95 billion in the first six months, up 58.29 percent from P4.39 billion in the same period last year.

Real estate sales nearly doubled, surging 93.1 percent to P1.1 billion from P571.3 million, driven by demand from Hotel101’s domestic and international projects. Hotel revenues also increased by 6.5 percent to P433 million, boosted by higher occupancy rates.

The company also booked P1.9 billion in unrealized gains from changes in the fair value of investment properties following project completions during the period. Interest income more than tripled to P107.1 million from P29.4 million, while other income rose 6.4 percent to P1.52 billion, mainly from hotel operations and foreign exchange gains.

Recurring rental revenues, however, softened. Lease income fell 4.8 percent to P1.86 billion, reflecting a transition period as expired leases are replaced by incoming tenants.

Meanwhile, DoubleDragon’s real estate investment trust, DDMP REIT Inc., posted a modest 1.5 percent increase in net income to P782.6 million from P771 million in the first half of 2024. Rent income slid to P779.9 million from P879.1 million as lease expirations took effect, though this was offset by higher charges to mall tenants and other income, which more than doubled to P199 million.

The company said its diversified revenue streams—spanning leasing, property sales, hotels, and investment gains—position it for continued growth, even amid transitions in its rental portfolio.