Aseana Square Aseana City
Integrated construction and property developer D.M. Wenceslao & Associates Inc. (DMW) booked a net profit of P2.37 billion in 2019, up by 24 percent on higher earnings unlocked from lot sales, residential developments and property leasing.
Operating profit expanded by 65 percent to P2.27 billion for the year while cash flow from operating activities rose to P3.83 billion from P1.05 billion, DMW disclosed to the Philippine Stock Exchange on Thursday.
Revenues grew by 63 percent year-over-year to P3.51 billion, mainly driven by sales of land and condominium units.
Revenues from recurring income streams were also up by 3 percent to P1.96 billion, accounting for 56 percent of total revenues. In particular, revenues from leasing of land increased by 1 percent to P979.1 million. Building rental revenues increased by 4 percent to P793.5 million and other revenues related to leasing increased by 7 percent to P186.2 million.
Revenues from land sales were P935.9 million compared to P1.3 million in the prior year, while residential sales surged to P547.7 million compared to P119.4 million.