D.M. Wenceslao and Associates, Inc. reported an 18 percent growth in attributable net income to P853 million in the first half of 2021 primarily due to a tax credit related to Corporate Recovery and Tax Incentives for Enterprise Act (CREATE).

In a disclosure to the Philippine Stock Exchange, the firm said its consolidated revenues dropped 20 percent to P1.24 billion from the same period last year.

DMWAI’s residential revenues fell 51 percent year-on-year to P267 million as only P110 million revenues were booked for Pixel Residences during the period, down from P517 million in the first half of 2020.

“We note that Pixel Residences is already near full completion and turnover, with little remaining unrecognized revenues,” the company said.

Meanwhile, revenues from MidPark Towers reached P156 million in the first half of 2021 from only P29 million in the same period last year.

The Company’s recurring income consisting of rentals from land, building, and other revenues such as common use service area fees remained stable at P974 million, accounting for 78 percent of total first half 2021 revenues.

“While we avidly await a full-blown recovery, we remain vigilant of risks arising from the still-ongoing COVID pandemic, including the more contagious Delta Variant and the stricter lockdown measures implemented to curb a surge in cases,” said DMWAI Chief Executive Officer Delfin Angelo Wenceslao.

He added that, “As risks continue to emerge, we highlight the importance of having a conservatively-managed balance sheet which so far has allowed us to support our stakeholders throughout this pandemic, to continue to distribute dividends to our shareholders, and to pounce on opportunities that presented themselves.”

“DMWAI has already started its employee vaccination program dubbed ‘2 Shots Forward’ while still maintaining strict health protocols as the company, in its capacity, continues to support efforts towards recovery,” Wenceslao said.