DM Wenceslao earns 17% more to P1.12 B

MANILA, Philippines — D.M. Wenceslao & Associates Inc. reported a net income  of P1.122 billion in the first half, up 17 percent from the previous year.

This was on the back of a 17 percent rise in revenue to P1.26 billion as the company’s residential business performed strongly.

Delfin Angelo “Buds” C. Wenceslao, chief executive officer of DMW, said the company achieved higher percentage of completion for its residential projects in the second quarter.

“Second quarter was a record quarter for our residential business driven by higher percentage of residential project completion and ongoing pre-selling activities,” Wenceslao said.

Of the total revenue, P983.4 million or 78 percent comprised of recurring income such as rentals from land, building and other revenue such as common use service area fees.

“By business segment, leasing of land increased by three percent to P497.4 million, while rentals of buildings and other revenues related to leasing grew 12 percent and nine percent to P392.5 million and P93.4 million, respectively.

Sale of residential condominium units rose six times to P266.7 million. Leasing of land, building and sale of condominium units represented 39 percent, 31 percent and 21 percent of the company’s total revenues, respectively,” DMW said.

Among the company’s projects launched in the second quarter was Pixel Residences, its first residential development which was fully pre-sold in June last year. This is targeted for completion by the end of the year.

DMW also launched the third tower of MidPark Towers after the project reached 90 percent take-up of the units launched in November 2018.

As of July 31, total pre-sales of MidPark Towers surpassed P4.8 billion.