Leasing business fuels D.M. Wenceslao profit to rise 44%
D.M. Wenceslao and Associates Inc., the listed developer of the 100-hectare Aseana City along Manila Bay, saw higher earnings last year as leasing revenues remained “resilient.”
D.M. Wenceslao said in a statement that core profits last year jumped 44 percent to P1.88 billion from the previous year.
The company also benefited from property sales while recurring income, which included rentals from land and buildings, rose 2 percent to P1.99 billion. Recurring income accounted for 58 percent of all revenues, it added.
“Amid precarious circumstances, we remain steadfast in our two-pronged approach anchored on nimbleness. We remain mindful of risks through maintaining a more-than-capable balance sheet, implementing a business continuity plan, and prioritizing the welfare of stakeholders while hand-in-hand remaining on track with our expansion goals to capture opportunities beyond current risks,” Delfin Angelo Wenceslao, company CEO, said in the statement.
“Such approach allowed us not only to thread through but thrive during a global pandemic,” he added.
The developer said it completed a P787.6-million land sale deal toward the end of the year while its commercial building footprint expanded from 90,712 square meters to 162,351 sqm in 2021.
It also completed 8912 Asean Ave., its largest office development, and the 58 Jupiter mixed-use building in the fourth quarter of the year.
Furthermore, the developer signed a 25-year lease contract with warehouse-style supermarket chain Landers for a 15,064-sqm property in Aseana City.
D.M Wenceslao’s residential revenues alone were down 18 percent. It explained Pixel Residences was already fully turned over as of 2021 and most of the residential revenue bookings for the year was accounted for by MidPark Towers.
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