DM Wenceslao net income up by 17% in H1 2019

Anna Mogato

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While bulk of its revenues came from recurring income, DM Wenceslao says it also saw a record 2nd quarter for its residential business due to project completion and pre-selling activities

MANILA, Philippines – Property developer DM Wenceslao and Associates, Incorporated (DMWAI) reported a 17% year-on-year increase in net income during the 1st half of 2019.

In a regulatory filing on Wednesday, July 31, the company said its net income attributable to equity holders of the parent company rose to P1.12 billion.

Its 2nd quarter net income also climbed to P615.11 million, 25% higher than a year ago.

Revenues were up by 17% year-on-year to P1.26 billion, with P983.4 million of that coming from recurring income, which includes rentals and common use service area fees.

Revenues for the 2nd quarter alone stood at P666.62 million, 20.78% higher than a year ago.

Revenues from land leases went up by 3% year-on-year to P497.4 million, while building rentals posted faster growth by 12% year-on-year to P392.5 million. Other related leasing businesses posted a 9% year-on-year increase to P93.4 million.

“Second quarter was a record quarter for our residential business driven by higher percentage of residential project completion and ongoing pre-selling activities,” DMWAI chief executive officer Delfin Angelo Wenceslao said in a statement.

The company said it generated P266.7 million in revenues from residential condominium units. The company managed to boost its 2nd quarter performance with its Pixel Residences, which was fully pre-sold in June 2019.

Its MidPark Towers also saw a 90% take-up in units, already reaching P4.8 billion in sales, so far.

“Our commitment to continued growth is reflected in the ongoing trend in our capital expenditures,” Wenceslao said.

“As of June 30, we have deployed P1.17 billion or 15% of our net proceeds from the initial public offering primarily for pipeline project development,” he added. –

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