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DoubleDragon books over fourfold rise in 2014 net income


DoubleDragon Properties Corp., the property firm jointly owned by Jollibee Foods Corp. chairman Tony Tan Caktiong and business partner Edgar “Injap” Sia II, registered more than a fourfold rise in net income last year.
 
In a disclosure to the Philippine Stock Exchange, DoubleDragon said net income surged by 360 percent to P560.8 million from P122.1 million a year earlier.
 
Revenues from real estate sales doubled to P1.2 billion from P511 million. 
 
"2014 has indeed been a significant year for DD both financially and through the partnerships that we have formed and through the various property projects that we have recently embarked on," chairman and CEO Edgar 'Injap' Sia II said.
 
So far, the company has secured 33 hectares of prime land across the country, with approximately 480,000 square meters of leasable space. 
 
DoubleDragon said it is on track to meet its goal of completing 25 CityMalls by the end of 2015 and 100 CityMalls by 2020.
 
DoubleDragon is the second business venture of Sia and Tan Caktiong after Jollibee Foods bought a 70 percent stake in Mang Inasal for P3 billion in 2010. Sia kept a 30-percent interest in the grilled chicken restaurant chain which he founded.
 
The company was incorporated as Injap Land Corp. in 2009. It changed its name to DoubleDragon after Sia and Tan Caktiong turned it into joint venture in 2013. It was listed on the Philippine Stock Exchange on April 7, 2014. – Danessa O. Rivera/VS, GMA News
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