D.M. Wenceslao Nets P1.04 Billion

D.M. Wenceslao and Associates, Inc.’s (DMW) 9M2021 core net income grew 4% to ₱1.04 billion from ₱1.00 billion in the same period last year.

Photo Insert: A D.M. Wenceslao project site

Core net income excludes the after-tax impact of a one-off gain in 9M2020 amounting to ₱1.00 billion and the adjustment of tax expense in 9M2021 as a result of the effectiveness of CREATE Law.

The Company’s recurring income consisting of rentals from land, building, and other revenues such as common use service area fees remained stable at ₱1.46 billion, accounting for 73% of total 9M2021 revenues.

Notwithstanding the threats posed by the COVID19 pandemic, the Company’s building leasing portfolio maintained a healthy occupancy rate of 89%.

DMWAI’s residential revenues declined 30% year on year to ₱494 million as only ₱100 million revenues were booked for Pixel Residences during the period, far from ₱632 million booked in the 9M2020.

The company said that Pixel Residences is practically fully turned over, with little remaining unrecognized revenues. On the flipside, revenues from MidPark Towers reached ₱394 million from only ₱75 million in 9M2020.

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