DoubleDragon Corp., the real estate firm led by tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, reported a net income of P2.55 billion in the first nine months of the year, a modest 0.70 percent increase.

In a report on Monday, the company noted that despite a 62.84 percent jump in consolidated revenues to P10.46 billion, the surge in sales did not translate into a proportionate rise in net income.

The company’s net debt-to-equity ratio remains healthy at 0.84x, among the lowest for Philippine-listed firms.

“DoubleDragon Corporation has reached 1.5 million GFA of completed recurring revenue asset portfolio from its string of hard assets spread out in prime locations in  Luzon, Visayas and Mindanao. The Company also holds assets overseas through its subsidiary Hotel101 Global,” the company said. 

CentralHub, DoubleDragon’s joint venture with Jollibee Foods Corporation, is expanding its industrial warehouse portfolio, targeting a P24.8 billion leasing portfolio and the Philippines’ first industrial REIT.

The company also created Hotel101, a globally exportable hotel brand. On 1 July, Hotel101 became the first Filipino-owned company listed on the U.S. NASDAQ, with plans to grow to 1 million rooms in over 100 countries.

DoubleDragon expects its domestic portfolio to fully mature this year. Meanwhile, Hotel101 Global is completing its first overseas project in Madrid, Spain, and plans to expand to 25 countries within three years.