D.M. Wenceslao and Associates, Inc. reported that its core net income jumped almost three-fold to P961 million in the first quarter of 2022 from P365 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said core net income excludes the adjustment of tax expense in the first quarter of 2021 due to the effectivity of CREATE Law.

Including these adjustments, attributable net income rose 74 percent to P960.5 million in the first quarter of 2022 from P552.03 million in the same period last year.

DMW’s rental revenues consisting of rentals from land, building, and other revenues such as common use service area fees improved 13 percent to P560 million, accounting for 35 percent of total revenues.

Residential revenues improved 20 percent to P233 million from P194 million in the same period last year 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.

In January 2022, DMW closed a 1,790sqm land sale for P788 million, boosting revenues and further fortifying its balance sheet.

“The country’s continued transition to an endemic COVID-19 phase bodes well for property developers and businesses in general,” said DMW Chief Executive Delfin Angelo Wenceslao.

He noted that, “Mobility has already reached pre-pandemic level as the NCR 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.”