By James A. Loyola
D.M. Wenceslao & Associates, Inc. (DMW) reported an 11 percent improvement in attributable net income to ₱1.65 billion for the first nine months of 2019 from ₱1.5 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said revenues accelerated 21 percent to ₱1.95 billion from ₱1.61 billion in the comparative period last year as the residential segment gathered speed.
Of the total revenues, ₱1.47 billion or 76 percent were recurring income, including rentals from land, buildings and other revenues such as common use service area fees.
By business segment, leasing of land increased 2 percent to ₱736.8 million while rentals of buildings and other revenues related to leasing grew 7 percent and 10 percent to ₱594.3 million and ₱142.2 million, respectively.
Sale of residential condominium units surged nearly six-fold to ₱422.7 million. Leasing of land, building and sale of condominium units represented 38 percent, 31 percent and 22 percent of the Company’s total revenues, respectively.
“On the operations front, we are on pace to hand over our first residential project, Pixel Residences, to customers as scheduled,” said DMW Chief Executive Officer Delfin Angelo C. Wenceslao.
He added that, “We also continue to market MidPark Towers which is benefiting from the increased activity as nearby businesses open.”
As of October 30, total pre-sales of MidPark Towers edged higher to ₱5.8 billion from ₱4.8 billion reported in July. In parallel, the office segment showed sustained growth having a consolidated occupancy of 98 percent.
In addition to the Company’s self-developed properties, Aseana City is witnessing an unprecedented level of ongoing developments in the area.
Ayala Malls Bay Area recently launched its flagship mall and multi-modal transportation hub. Once fully completed, it will have an aggregate of 400,000 square meters (sq.m.) of gross floor area including a ten-level office space and 350-room Seda Hotel.