DM Wenceslao Q2 profit up 10.7%
Integrated property development and construction firm DM Wenceslao and Associates Inc. (DMW) grew its second quarter net profit by 10.7 percent year-on-year to P300.8 million on the back of higher revenues from condominium sales and steady rental income.
Compared to the first quarter bottom line of P522.02 million, however, DMW’s net profit declined by 42.3 percent.
For the six-month period, DMW’s net profit rose by 18 percent year-on-year to P853 million as a tax credit related to Corporate Recovery and Tax Incentives for Enterprise Act (CREATE) made up for the 20-percent decline in consolidated revenues to P1.24 billion.
“While we avidly await a full-blown recovery, we remain vigilant of risks arising from the still-ongoing COVID pandemic, including the [spread of the] more contagious Delta variant and the stricter lockdown measures implemented to curb a surge in cases,” DMW chief executive Delfin Angelo Wenceslao said in a press statement.
“As risks continue to emerge, we highlight the importance of having a conservatively managed balance sheet, which so far has allowed us to support our stakeholders throughout this pandemic, continue to distribute dividends to our shareholders and pounce on opportunities that presented themselves,” he added.
DMW’s residential revenues dropped by 51 percent year-on-year to P267 million in the first six months, with only P110 million in revenues booked from project Pixel Residences, which is nearing completion. Meanwhile, revenues from MidPark Towers reached P156 million from only P29 million a year ago.
