DMW's Core Net Income Rises Almost Three Storeys To PHP 961 Million
D.M. Wenceslao and Associates, Inc.’s (DMW) 1Q2022 core net income rose almost three-fold to Php961 million from Php365 million a year ago. Core net income excludes the adjustment of tax expense in 1Q2021 due to the effectiveness of CREATE Law.
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The Company’s rental revenues consisting of rentals from land, building, and other revenues such as common use service area fees improved 13% to Php560 million, accounting for 35% of total revenues.
Residential revenues improved 20% to Php233 million from Php194 million in the same period last year on the back of a higher number of units that 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 Php788 million, boosting revenues and further fortifying our balance sheet.
“The country’s continued transition to an endemic COVID-19 phase bodes well for property developers and businesses in general. Mobility has already reached the 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,” said Mr. Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer.