DoubleDragon Corp. reports profit surge driven by overseas projects
What happened
DoubleDragon Corp. reported that its core net income surged to P3.91 billion from January to September, nearly quadrupling the P1.1 billion reported in the same period last year. Consolidated revenue doubled to P20.78 billion, with overseas operations generating 59 percent of the revenue. The company's 680-room hotel in Madrid sold out on opening day.
From philstar.com
Why it matters
The company aims to become a major dollar earner for the Philippines. DoubleDragon stated it has no ongoing condominium projects, positioning it as less exposed to the 80,000 unsold condo units reported in Metro Manila as of September.
From philstar.com
Who's involved
- Tony Tan CaktiongFilipino entrepreneur associated with DoubleDragon Corp.
- PhilippinesThe national economy DoubleDragon aims to boost with dollar revenues
- MadridLocation where DoubleDragon's hotel sold out on opening day
- SpainCountry where DoubleDragon's hotel is operating
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- PhilippinesSpeculative
Increased dollar revenues from overseas projects could boost the national economy's foreign exchange.
- MadridSpeculative
The successful sale-out of the Madrid hotel might drive local real estate demand.
Keep exploring
The entities involved
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Tony Tan Caktiong
Filipino entrepreneur (born 1953)
Nothing else this week.
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Philippines
archipelagic country in Southeast Asia