PROPERTY and construction firm D.M. Wenceslao and Associates, Inc. (DMW) posted a 55.9% decline in its net income attributable to equity holders of the parent company to P271.12 million in the second quarter of the year due to lower revenues.

In a disclosure to the stock exchange Friday, DMW said its revenues for the quarter fell 21.1% to P525.94 million, against P666.62 million in the same period last year.

For the first half of the year, the company’s net income fell 36.2% to P716.50 million, from P1.12 billion in 2019 due to the P600 million one-off gain recognized in 2019 as part of other income.

DMW’s revenues for the first six months rose 23% to P1.55 billion with 64% or P990.22 million coming from recurring income such as rentals from land, building, and other revenues including fees for common-use service area.

“The company’s operating profit increased by 25% for the same period brought about by the ramp-up in revenues from sale of condominium units and stable recurring income contribution,” the disclosure said.

DMW Chief Executive Officer Buds C. Wenceslao said that despite the effects of the coronavirus disease 2019 (COVID-19),the company’s performance for the second quarter was a record period for the residential business due to the turnover of a recently finished project Pixel Residences.

“While this pandemic has caused severe uncertainty and lack of consumer confidence in the market, the value enhancement strategies we execute on our Aseana City landbank remains steadfast,” Mr. Wenceslao said.

“As we have witnessed just recently, living in mixed use master-planned communities will continue to have an advantage in terms of amenities, infrastructure and services,” he added.

Meanwhile, Mr. Wenceslao said that as of June 30, the company had released 39% or P2.98 billion of the net proceeds from its initial public offering for pipeline project development.

On Friday, DMW shares fell 0.83% or P0.05 to close at P6 apiece. — Revin Mikhael D. Ochave