MANILA -- Construction and infrastructure group D.M. Wenceslao & Associates Incorporated on Wednesday reported its net income increased by 11 percent to PHP1.65 billion in the first nine months of 2019 from PHP1.49 billion in the same period last year.
Its revenues surged 21 percent year-on-year to PHP1.95 billion from PHP1.78 billion, as the residential segment gathered speed.
Of the total revenues, PHP1.47 billion or 76 percent were recurring income, including rentals from land, buildings, and other revenues such as common use service area fees.
By the business segment, the leasing of land increased 2 percent to PHP736.8 million. Rentals of buildings and other revenues related to leasing grew 7 percent and 10 percent to PHP594.3 million and PHP142.2 million, respectively.
The sale of residential condominium units surged nearly six-fold to PHP422.7 million.
Leasing of land, building, and sale of condominium units represented 38 percent, 31 percent and 22 percent of the company’s total revenues, respectively.
Chief executive officer Delfin Angelo Wenceslao said “On the operations front, we are on pace to hand over our first residential project, Pixel Residences, to customers as scheduled. We also continue to market MidPark Towers which is benefiting from the increased activity as nearby businesses open.”
As of October 30, total pre-sales of MidPark Towers edged higher to PHP5.8 billion from PHP4.8 billion reported in July.
In parallel, the office segment showed sustained growth having a consolidated occupancy of 98 percent.
On October 25, DMW completed the sale of a 2,202-square-meter land parcel in Aseana City for a total consideration of PHP935.85 million, exclusive of value-added tax. (PR)
