D.M. Wenceslao (DMW) Associates, Inc.’s core net income for the nine-month period grew 4% to P1.04 billion from last year’s P1 billion, the listed company said in a disclosure to the exchange on Monday.
The company said its core net income does not account for the after-tax impact of the one-time gain a year ago worth P1 billion, as well as the tax expense adjustment in the same period this year due to the government’s corporate tax incentives.
“Testament to the stability and robustness of our businesses, we managed to grow our core earnings year on year despite the return to strict quarantine measures in the [third quarter this year] amid a Delta variant-led surge in COVID-19 (coronavirus disease 2019) cases,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said.
The company posted a recurring income growth to P1.46 billion, which accounted for 73% of its total revenues. Its building leasing portfolio’s occupancy rate stood at 89% during the period.
Meanwhile, residential revenues went down by 30% year on year to P494 million. The company said the dip was due to the drop in revenues booked for Pixel Residences, dropping 84% to P100 million compared with the P632 million recorded in the same period last year.
“Note that Pixel Residences is practically fully turned over, with little remaining unrecognized revenues,” the company said.
Meanwhile, revenues from its MidPark Towers surged to P394 million from P75 million last year.
The company said it is optimistic for the upcoming quarters in the hopes that “post-pandemic recovery is just around the corner.”
“We expect our recently completed developments and upcoming developments to benefit from the much-improved COVID situation in Metro Manila and the country, in general,” Mr. Wenceslao said.
Shares of DMW at the stock market closed unchanged at P6.98 apiece. — Keren Concepcion G. Valmonte
