D.M. Wenceslao and Associates, Inc. (DMW) reported a 10.7% increase in its second quarter net income attributable to parent equity holders to P300.80 million on the back of higher revenues.
It said in a stock exchange disclosure on Friday that its revenues for the quarter rose 4.7% to P550.39 million.
Delfin Angelo C. Wenceslao, DMW chief executive officer, said the company remains vigilant of risks that will surface amid the ongoing coronavirus disease 2019 (COVID-19) pandemic, including the Delta variant and stricter lockdown measures.
“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,” Mr. Wenceslao said.
For the first half, DMW posted an 18% increase in its attributable net income to P852.82 million due to the tax credit related to Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprise Act (CREATE).
Its consolidated revenues during the period dropped 20% to P1.24 billion, as its residential revenue fell 51% to P267 million.
“Only P110 million revenues were booked for Pixel Residences during the period, down from P517 million in the first half of 2020. We note that Pixel Residences is already near full completion and turnover, with little remaining unrecognized revenues. Meanwhile, revenues from MidPark Towers reached P156 million from only P29 million in the first half of 2020,” DMW said.
According to DMW, its building leasing portfolio remained at a 90% occupancy rate, while its recurring income such as rentals from land, building, and other revenues remained stable at P974 million and accounted for 78% of total first half revenues.
On Friday, shares of DMW at the stock exchange rose 0.14% or one centavo to finish at P7 each. — Revin Mikhael D. Ochave
