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Sia’s DoubleDragon reports income decline; REIT, MerryMart records growth

SIA-LED listed firms reported mixed earnings in the third quarter as listed property firm DoubleDragon Properties Corp.’s attributable net income declined, while the real estate investment trust (REIT) firm and listed grocery operator both posted net income growths for the period.

In a regulatory disclosure on Tuesday, DoubleDragon reported a 76% decline in attributable net income for the quarter ending September, scoring P120.45 million from P495.58 million in the same period last year.

DoubleDragon’s topline for the quarter inched up by two

ent, amounting to P1.73 billion from last year’s P1.69 billion.

For the January-September period, DoubleDragon’s attributable net income declined 33% to P2.53 billion from P3.8 billion year on year. Its nine-month topline dropped to P4.41 billion from last year’s P9.79 billion as its rent income declined 15% to P2.53 billion and interest income went down by 40% to P20.53 million.

Compared with the same period last year, the company did not account for a one-off P5.49-billion unrealized gains from the changes in fair values from an investment property.

Hotel revenues for the nine-month period rose 14.49% to P420.70 million, while real estate sales surged 124.29% to P718.64 million.

However, the company’s core net income as of September this year went up 250.86% to P4.18 billion from P1.19 billion in 2020.

DoubleDragon said its total equity grew 31.35% to P64.44 billion in the nine-month period after it listed its real estate investment trust (REIT) and after the new equity infusion of Jollibee Foods Corp. (JFC) into its industrial leasing unit, CentralHub Industry Centers, Inc.

“DDMP REIT, Inc. (DDMPR) is just the first of DoubleDragon’s pillars to unlock its true value. DoubleDragon’s warehouses, community malls and hotels will soon follow suit as DoubleDragon positions itself in the forefront of the post-pandemic recovery of the economy,” DoubleDragon Chief Investment Officer Hannah Yulo-Luccini said in the DoubleDragon statement.

The company said CentralHub is working on ramping up the construction of its P24.8-billion industrial warehouse portfolio after completing its equity joint venture with JFC. DoubleDragon and JFC plan to launch CentralHub’s REIT initial public offering (IPO) next year, which is expected to be the country’s first industrial REIT IPO.

Meanwhile, according to a DDMPR regulatory filing, the firm swung to profitability in the third quarter with a net income of P589.9 million, a reversal of the P82.44-million loss incurred a year ago. It generated a topline of P664.12 million.

For the nine-month period, DDMPR’s net income declined 37% to P2.77 billion from last year’s P4.42 billion. Its topline also dropped to P1.81 billion from P6.36 billion.

However, its nine-month core net income jumped 171.68% to P2.77 billion, excluding fair value gains, from P1.02 billion in the same period last year. Rental and CUSA income rose 6.94% to P1.55 billion.

DDMPR said its portfolio is 97.71% leased out “and continues to remain stable.”

On the other hand, MerryMart Consumer Corp’s regulatory disclosure showed its net income surged to P6.59 billion in the third quarter from P836.45 million a year ago. The company’s topline rose 23% to P966.08 million from P782.73 million.

As of September this year, MerryMart’s net income posted a 59% growth to P23.01 million from the P14.5-million income logged a year ago. Consolidated revenues grew 15.92% to P2.81 billion from P2.42 billion.

In a separate statement, MerryMart also noted it recently signed agreements with Quezon-based Carlos SuperDrug chain and Zamboanga-based Cecile’s Pharmacy chain. The transactions are expected to “bring significant improvement on cost efficiencies.”

“The whole team of DoubleDragon and MerryMart will remain determined to nurture and grow all its business units in preparing to be a major beneficiary in the next cycle of economic recovery that should follow post the COVID-19 (coronavirus disease 2019) global pandemic era,” Edgar J. Sia II, chairman of DoubleDragon, DDMPR, and MerryMart, said in the DoubleDragon statement.

On Tuesday, shares of DoubleDragon declined by 0.10% or one centavo to close at P9.99 each and DDMPR closed unchanged at P1.81 apiece.

Meanwhile, MerryMart stocks rose 0.63% or two centavos to close at P3.18 per share. — Keren Concepcion G. Valmonte

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