D.M. Wenceslao tripled Q1 profits

D.M. Wenceslao and Associates Inc. saw core profits surge almost three times to P961 million in the first quarter of 2022, bolstered by a one-time property sale, a statement showed.

The company is an integrated property developer focused on land reclamation, construction and real estate development. It is best known for developing the 107.5-hectare Aseana City project along Manila Bay.

D.M. Wenceslao said earnings were boosted by the sale of a 1,790-square meter property for P788 million last January.

“The country’s continued transition to an endemic COVID-19 phase bodes well for property developers and businesses in general,” Delfin Angelo “Buds” Wenceslao, the company’s CEO, said in the statement.

“Mobility has already reached prepandemic level as the National Capital Region and most of the country moved to the loosest form of restrictions classification in March. We expect our newly completed commercial assets as well as upcoming completions to benefit from the much-improved COVID situation,” Wenceslao said.

Revenues from rentals and common use service area fees went up 13 percent to P560 million. These account for 35 percent of revenues.

Residential revenues went up almost 20 percent to P233 million on the back of a higher number of units qualified for revenue recognition.

“The residential revenues increased notwithstanding the limited construction capacity brought about by the Omicron variant-led surge in COVID-19 cases earlier this year,” D.M. Wenceslao noted in the statement.

Established in 1965, D.M. Wenceslao has reclaimed more than 2.4 million square meters of land, leased or developed 260,000 square meters of land and buildings, and completed over 140 construction and infrastructure projects including large, complex government developments throughout the Philippines.