SIA-LED listed companies reported mixed earnings in the third quarter, net profit attributable to listed real estate company DoubleDragon Properties Corp. declining, while the real estate investment company (REIT) and the publicly traded grocery operator both posted net income growth for the period.

In a regulatory disclosure released Tuesday, DoubleDragon announced a 76% drop in its attributable net profit for the quarter ending September, scoring 120.45 million pesos from 495.58 million pesos in the same period last year. .

DoubleDragon’s topline for the quarter increased by two

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

For the January-September period, DoubleDragon’s attributable net profit declined 33% to 2.53 billion pesos from 3.8 billion pesos year-on-year. Its nine-month revenue fell to 4.41 billion pesos from 9.79 billion pesos last year as its rental income fell 15% to 2.53 billion pesos and income from Interest fell 40% to 20.53 million pesos.

Compared to the same period last year, the company did not recognize unrealized unrealized gains of 5.49 billion pesos from changes in the fair values ​​of an investment property.

Hotel revenues for the nine-month period rose 14.49% to 420.70 million pesos, while property sales jumped 124.29% to 718.64 million pesos.

However, the company’s basic net income in September this year increased by 250.86% to P 4.18 billion, from P 1.19 billion in 2020.

DoubleDragon said its total equity increased 31.35% to 64.44 billion pesos in the nine-month period after listing its real estate investment trust (REIT) and following the new injection of equity of Jollibee Foods Corp. (JFC) in its industrial rental unit, Industrial Centers CentralHub, Inc.

“DDMP REIT, Inc. (DDMPR) is just the first of DoubleDragon’s pillars to unleash its true value. DoubleDragon’s warehouses, malls and hotels will soon follow suit as DoubleDragon positions itself at the forefront of the post-pandemic economic recovery, ”said Hannah Yulo-Luccini, Director of Investments at DoubleDragon , in the DoubleDragon press release.

The company said CentralHub was working to speed up construction of its P224.8 billion industrial warehouse portfolio after completing its joint venture with JFC. DoubleDragon and JFC plan to launch the initial public offering (IPO) of CentralHub’s REIT next year, which is expected to be the country’s first industrial IPO.

Meanwhile, according to a regulatory filing from DDMPR, the company returned to profitability in the third quarter with net profit of 589.9 million pesos, a reversal of the loss of 82.44 million pesos incurred a year ago. year. It generated a turnover of P664.12 million.

For the nine-month period, DDMPR’s net profit declined 37% to P2.77 billion from P4.42 billion from last year. Its turnover also fell to 1.81 billion pesos from 6.36 billion pesos.

However, its nine-month basic net income jumped 171.68% to 2.77 billion pesos, excluding fair value gains, from 1.02 billion pesos in the same period last year. Rental income and CUSA increased 6.94% to 1.55 billion pesos.

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

On the other hand, regulatory disclosure from MerryMart Consumer Corp showed that its net income jumped to 6.59 billion pesos in the third quarter from 836.45 million pesos a year ago. The company’s revenue increased 23% to P966.08 million from P782.73 million.

In September of this year, MerryMart’s net income grew 59% to P23.01 million from the P14.5 million revenue recorded a year ago. Consolidated revenues increased 15.92% to P2.81 ​​billion from P2.42 billion.

In a separate statement, MerryMart also said it had recently signed deals with Quezon-based Carlos SuperDrug chain and Zamboanga-based Cecile’s Pharmacy chain. The transactions are expected to “bring a significant improvement in profitability”.

“The entire DoubleDragon and MerryMart team will remain committed to nurturing and growing all of its business units as they prepare to be a major beneficiary of the next cycle of economic recovery that is expected to follow after the global COVID-19 pandemic (2019 coronavirus disease) ), “Edgar J. Sia II, president of DoubleDragon, DDMPR and MerryMart, said in the DoubleDragon release.

On Tuesday, DoubleDragon shares were down 0.10% or a centavo to close at P 9.99 each and DDMPR closed unchanged at P 1.81 each.

Meanwhile, shares of MerryMart rose 0.63% or two centavos to close at 3.18P per share. – Keren Concepcion G. Valmonte

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