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.
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.
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.