DDMP REIT Inc., the real estate investment trust of Double Dragon Properties Corp., posted profits of P2.24 billion in the first half of the year, down 50.3 percent from last year’s P4.5 billion.
The company said the huge drop was a result of the one-time gain from changes in the fair value of investment property.
Revenues dropped 81.4 percent to P1.2 billion from P6.45 billion last year when the company recorded its P5.42 billion unrealized gain from changes in the fair values of investment.
Rent income rose 1.4 percent to P998.6 million from P984.4 million. Common use service area fee amounted to P57.6 million.
Interest income fell by 18.8 percentto P14.1 million from P17.3 million last year.
“Other income increased by P100.1 million, or 342.1 percent increase, to P129.3 million for the six months ended June 30, 2021, compared to P29.2 million for the same period in 2020 due to the increase in interest for the period,” the company said.
