DM Wenceslao’s income climbs 10% to P1.83b

Property developer DM Wenceslao Associates Inc. said Tuesday net income attributable to equity holders rose10 percent in the first nine months to P1.83 billion from P1.66 billion a year ago on higher residential and rental revenues.

DMWAI said in a disclosure to the stock exchange top-line revenues climbed 13 percent in the first nine months to P2.2 billion. Recurring income, which consisted of rentals from land, buildings and other income, amounted to P1.47 billion and accounted for 67 percent of the total revenues.

Residential sales reached P707 million.

The property firm said it recognized P1.25 billion in revenues after it turned over 42 percent of residential units in Pixel Residences to unit buyers in the third quarter. Pixel Residences was fully sold since June 2017.

DMWAI said the recently launched residential project Mid-Park Towers was 62-percent pre-sold as of end-June 2020 with total sales value of P6.3 billion.

The company also started pre-leasing its latest office development 8912 Asean Ave., six months prior to scheduled completion. The 8912 Asean Ave. is a 15-story office development with 69,000 square meters of leasable office and retail spaces.

“DMWAI’s sustained performance for the first nine months of the year is a testament of the company’s robust and solid fundamentals even in the face of adversity,” DMWAI chief financial officer Heherson Asiddao said.

“Despite the unprecedented challenges posed by the current pandemic, we are confident in our short and long-term strategies as we continue to take strategic actions to fuel our momentum and position us for stronger growth in the future,” he said.

The company said net income more than doubled in the third quarter to P1.1 billion from P532 .6 million in the same period last year on advances received from a joint venture partner.

The share price of DMWAI closed lower by 0.88 percent to settle at P5.60 on Tuesday.