DoubleDragon Corp. reported a more than threefold increase in first-quarter net income to ₱2.04 billion, up from ₱592.91 million a year earlier, primarily driven by unrealized gains from revaluation of properties. The gains, totaling ₱1.9 billion, were attributed to the completion of several real estate projects during the period.
Gross revenue also doubled year-on-year to ₱4.45 billion from ₱2.05 billion, underscoring a broader recovery across its property and hospitality segments. Rental revenue rose 5 percent to ₱964.04 million on improved occupancy rates and contributions from new assets, while real estate sales surged 69 percent to ₱417.35 million, boosted by the performance of Hotel101 and residential developments, particularly in Madrid, Spain, and Niseko, Japan.
Hotel revenue increased 12 percent to ₱221.23 million amid higher occupancy rates, and other income climbed 30 percent to ₱872.5 million, driven by favorable foreign exchange gains.
DoubleDragon’s recurring revenue asset portfolio now exceeds 1.4 million square meters in gross floor area, with a mix of properties across Luzon, Visayas, and Mindanao, and overseas assets held under subsidiary Hotel101 Global. The company is set to launch its first international Hotel101 property in Madrid, with a long-term goal of building one million Hotel101 rooms in 100 countries, targeting expansion into 25 markets over the next three years.
Despite the strong headline results, Regina Capital Development Corp. issued a “hold” rating on DoubleDragon shares, citing persistent high vacancy rates in Metro Manila’s Bay Area—where the firm has substantial exposure to Philippine Offshore Gaming Operators (POGOs). The brokerage flagged potential headwinds from lower GDP growth, elevated development costs tied to Hotel101-Madrid’s launch, and the possible decline in unrealized gains moving forward.
“The company’s performance was buoyed by revaluation gains, but sustaining this momentum may prove challenging given macroeconomic headwinds and market-specific risks,” Regina Capital said in a note.
DoubleDragon’s latest results underscore the firm’s strategic shift toward global expansion and asset-driven growth, even as domestic market pressures weigh on the near-term outlook.
