DM Wenceslao first semester profit up 56% | Inquirer Business

DM Wenceslao first semester profit up 56%

05:29 PM August 12, 2022

Integrated property developer D.M. Wenceslao and Associates Inc. (DMW) reported on Friday a 56-percent jump in its net income in the first half of 2022 to P1.3 billion from P853 million a year ago.

The company said revenues and profits were boosted by increasing levels of mobility and economic activity in the National Capital Region since March.

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Rental revenues from land, buildings and others improved by 14 percent to P1.1 billion, accounting for 47 percent of total revenue, DMW  said in a statement.

The contribution from commercial assets to total revenue has visibly improved due to increased mobility in Metro Manila, with several office tenants returning on site, it said.

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Residential revenues surged 75 percent to ₱466 million on the back of a higher number of
units qualified for revenue recognition and as construction progress picked up pace in the second quarter. Land sale revenue amounted to ₱788 million mainly due to the sale of a 1,790-square-meter property in January.

DMW completed a milestone transaction during the period with the signing of a 50-year contract of lease with St. Luke’s Medical Center Inc. for a 13,896-sqm parcel of land last June.

“Most recently, we signed a land lease contract with St. Luke’s Medical Center to bring the country’s leading healthcare institution inside Aseana City. Following this, our 5-hectare mixed-use green development – Parqal – is expected to come online toward the end of the year,” said DMW chief executive officer  Delfin Angelo  Wenceslao said.

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TAGS: economic activity, property, strong demand
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