Property developer D.M. Wenceslao and Associates, Inc. reported on Monday an attributable net income of P387.29 million for the second quarter, 4% higher than the P372.23 million a year ago, boosted by higher residential earnings.

“In spite of prevailing challenges in the Philippine property landscape, promising opportunities are steadily emerging. Notably, office space requirements across traditional and emerging industries ramped up significantly, boosting our office leasing activities,” Delfin Angelo C. Wenceslao, chief executive officer of DMW, said in a statement.

For the second quarter, the listed company saw its gross revenue climb by 22.6% to P977.04 million from P796.88 million in the same period last year.

“As an integrated property company, D.M. Wenceslao is well-positioned to seize opportunities across the entire real estate spectrum,” Mr. Wenceslao said.

For the January-to-June period, the company’s attributable net income contracted to P912.95 million, lower than the P1.33 billion recorded last year.

In the first half, the company’s gross revenues declined to P2.09 billion, down by 12.9% from P2.4 billion in the same period last year.

Broken down, residential revenues climbed 54% to P704 million amid more sales take up, continued construction progress and incremental units qualified for revenue recognition, the company said.

Its rental revenues, which include rentals from land, building and other revenues, went up 6% to P1.2 billion, accounting for 58% of the company’s combined revenues.   The company attributed the growth in rental revenues to new land and building leases.

For the first half, DMW failed to secure land sales even after putting about 1,790 square meters of land on sale. The company, however, noted that land sales are not part of its long-term revenue mix.  To date, DMW has about 4,200 square meters of land available for sale.

At the local bourse on Monday, shares in the company gained two centavos or 0.33% to end at P6.03 apiece. — Ashley Erika O. Jose