• By The Financial District

DMW Net Income Hits P895 Million

D.M. Wenceslao and Associates, Incorporated (PSE: DMW) (“DMWAI” or “the Company”) reported consolidated revenues declined by 20% year-on-year to ₱1.24 billion but net income attributable to parent equity holders rose 18% to ₱853 million as a result of a tax credit related to Corporate Recovery and Tax Incentives for Enterprise Act (CREATE).

Photo Insert: Aseana City is a flagship project of D.M. Wenceslao & Associates, Incorporated.

DMWAI’s residential revenues dropped 51% year-on-year to ₱267 million as only ₱110 million revenues were booked for Pixel Residences during the period, down from ₱517 million in the 1H2020.

We note that Pixel Residences is already near full completion and turnover, with little remaining unrecognized revenues. Meanwhile, revenues from MidPark Towers reached ₱156 million from only ₱29 million in 1H2020.

The Company’s recurring income consisting of rentals from land, building, and other revenues such as common use service area fees remained stable at ₱974 million, accounting for 78% of total 1H2021 revenues.

Notwithstanding the threats posed by the COVID19 pandemic, the Company’s building leasing portfolio maintained a healthy occupancy rate of 90%.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

“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. Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer.

“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,” Wenceslao added.

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

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


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