DoubleDragon Properties Corp. reported on Thursday that its net income climbed to P10.6 billion in 2019, partly on the back of improved rental revenues. In a disclosure, the listed real estate company said the amount was a 43.53-percent increase from P7.4 billion in 2018. Hotel revenues reached P672.06 million in 2019, up 25.94 percent from P533.6 million the year before, supported by higher occupancy and room rates. “The size of the company’s real estate portfolio and the revenues it used to generate will not matter much if the changes of customer behavior from this unprecedented global pandemic will make the real estate portfolio irrelevant going forward,” he added. Its hotel portfolio also increased to 5,828 rooms, while occupancy across its major operational hotels averaged 84.8 percent in 2019, compared with 78.3 percent in 2018.

Source: Manila Times June 11, 2020 17:02 UTC