Sia-led MerryMart, DDMP REIT post higher income

LISTED COMPANIES led by Edgar J. Sia II reported mixed second-quarter earnings results on Tuesday, with retailer MerryMart Consumer Corp. recording the biggest profit growth amid higher revenues.

MerryMart’s attributable net income for the second quarter of the year climbed by 94.4% to P14.11 million from P7.26 million after a 16.4% rise in revenues to P1.92 billion from P1.65 billion a year ago.

Mr. Sia’s real estate investment trust DDMP REIT, Inc. increased its net income by 8.2% to P539.36 million from P495.06 million in the same period last year. Its revenues for the quarter went up by 11.4% to P663.6 million from P595.47 million a year ago.

In a separate disclosure on Tuesday, DoubleDragon Corp. posted an 8.4% drop in attributable net income to P637.76 million from P696 million previously as costs increased.

The firm’s top line for the period rose by 31.2% to P2.23 billion from about P1.7 billion the prior year, mainly from a 57.4% increase in rentals to P1.13 billion.

Its costs and expenses likewise went up by 15.9% to P1.08 billion from P897.19 million a year ago.

Meanwhile, DoubleDragon’s attributable net income for the first half fell by 18.4% to P805.37 million from P986.77 million the previous year.

Its top line rose by 15.6% to P3.94 billion from P3.41 billion a year earlier. The growth mainly came from rental income, which went up by 20.4% to P1.95 billion from P1.62 billion, as occupancy and rates were higher.

To date, DoubleDragon has 1.29 million square meters of recurring-revenues gross floor area (GFA) portfolio.

The company said the next phase of its vision is to further grow its portfolio, targeting 3 million square meters of recurring-revenue generating GFA portfolio by 2030.

During the six-month period, MerryMart posted a 6.9% drop in attributable net income to P16.95 million from P18.19 million in the same period last year.

The company’s consolidated revenues climbed by 29% to P3.71 billion from P2.87 billion last year, driven by an increase in the sale of goods by new and existing stores. Sales contributed 98.2% of its total revenues.

In a separate filing, MerryMart said that its super app saw “exponential growth” in month-on-month sales since its launch last year. It now has 70,000 registered users.

“MerryMart has set its Vision 2030 with the goal to generate P120 Billion in systemwide recurring consumer sales revenue,” the company said.

Meanwhile, DDMP REIT recorded a 5.7% decline in net income for the first semester to P1 billion from P1.06 billion as costs and expenses hit P216.22 million, 21.7% higher than P177.65 million last year.

The company’s revenues for the period slipped by 0.8% to P1.22 billion from P1.23 billion, as rental income decreased by 15.2% to P966.74 million from P1.14 billion a year prior.

On Tuesday, DoubleDragon rose 0.77% to P7.89 per share. MerryMart shares fell by 1.83% to P1.07 apiece, while DDMP REIT declined by 1.55% to P1.27 a share. — Adrian H. Halili