DM WENCESLAO REVENUES HIT P2.2 BILLION

Listed property developer D.M. Wenceslao and Associates, Incorporated (PSE: DMW) (“DMWAI” or “the Company) top-line revenues reached ₱2.20 billion, increasing by 13% year-on-year, predominantly driven by the sustained sales growth in DMWAI’s residential portfolio. 

Recurring income comprised by rentals from land, buildings, and other income such as common usage service area fees totaled to ₱1.47 billion or 67% of the total revenues. 

Leasing of land, rentals of buildings, and other revenue amounted to ₱733.24 million, ₱610.96 million, and ₱124.06 million, respectively. DMWAI’s residential segment posted a 67% boost in condominium units sales yielding ₱707.30 million, up from the ₱422.74 million reported in the same period last year.

Pixel Residences, which was fully pre-sold since June 2017, has allowed the Company to successfully recognize 83% or ₱1.25 billion in revenues due to the successful turnover of 42% of its inventory to its buyers this quarter. 

Net income grew 11% to ₱1.86 billion from the ₱1.67 billion posted in the previous year, driven by the increase in revenue from the residential segment.

Net income attributable to equity holders amounted to ₱1.83 billion, a 10% surge from the ₱1.66 billion reported year-on-year. “DMWAI’s sustained performance for the first nine months of the year is a testament of the company’s robust and solid fundamentals even in the face of adversity,” said Atty. Heherson Asiddao, Chief Financial Officer.

"Despite the unprecedented challenges posed by the current pandemic, we are confident in our short and long-term strategies as we continue to take strategic actions to fuel our momentum and position us for stronger growth in the future,” he further added.