PROPERTY and construction firm D.M. Wenceslao & Associates, Inc. (DMW) grew its attributable profit by a fourth in the second quarter of 2019, driven by its residential and leasing businesses.
In a regulatory filing, DMW said net income attributable to the parent rose to P615.11 million in the April to June period, 25% higher than the P491.79 million it posted in the same period a year ago.
This followed a 21% uptick in revenues to P666.62 million.
“Second quarter was a record quarter for our residential business driven by higher percentage of residential project completion and ongoing pre-selling activities,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement.
The company topped off its first residential project called Pixel Residences during the quarter, which will be fully completed by the end of the year. It also launched the third tower of MidPark Towers in this period, following a 90% take-up since its launch in November 2018.
With the ramp up of its residential projects, sale of condominium units surged 411% to P166.74 million for the quarter, against the P32.59 million seen in the same period last year.
DMW’s recurring income business coming from rental of land, building, and other revenues, still accounted for bulk of the company’s total revenues at P489.5 million.
Meanwhile, construction contracts for the period dropped by 80% to P10.38 million.
On a six-month basis, DMW’s attributable profit climbed 17% to P1.12 billion, on the back of 17% increase in revenues to P1.26 billion.
Mr. Wenceslao added that as of June 30, the company has already deployed 15% or P1.17 billion from its initial public offering last year.
DMW has committed to spend P4 billion in capital expenditures this year, boosted by the strong demand for residential projects in the area, where most of its land bank is located.
Shares in DMW slipped 0.36% or four centavos to close at P11 each at the stock exchange on Wednesday. — Arra B. Francia
