PROPERTY DEVELOPER D.M. Wenceslao and Associates, Inc. announced on Monday an attributable net income of P1.3 billion for the first nine months, an 18.1% increase from the P1.1 billion profit in the same period last year, driven by robust leasing activities.

“We’ve seen a significant upswing in leasing activities during the period. It is noteworthy that the rental earnings jump in our nine-month 2023 period does not yet fully reflect the upside from our mixed-use flagship project Parqal, which only opened in late September,” Delfin Angelo C. Wenceslao, chief executive officer of D.M. Wenceslao, said in a stock exchange disclosure. 

Without disclosing comparative figures, the listed construction firm recorded P1.8 billion in leasing revenues, up by 15%, which consists of revenues from land and building rentals.

Its leasing revenues accounted for the majority of its gross revenue, constituting about a 65% share, D.M. Wenceslao said, adding that its revenue growth was mainly driven by strong uptake in existing commercial buildings and the opening of Parqal—the company’s flagship commercial project.

Located in the 107.5-hectare Aseana City in Parañaque, Parqal is a nine-building development featuring retail stores, dining, and offices. Its recent opening has expanded D.M. Wenceslao’s total building leasing space by 45% to 235,846 square meters.

For the nine months to September, the company said its residential revenues improved to P827 million.

Earlier, the listed construction company reported a gross revenue of P977.04 million for the second quarter, marking a 22.6% jump from the P796.88 million in the same period last year.

It previously reported a first-semester gross revenue of P2.09 billion, down by 12.9% from P2.4 billion in the same period last year.

The company is optimistic about maintaining growth momentum driven by rising leasing activities, Mr. Wenceslao said.

 “As we look ahead, our outlook is optimistic, with leasing activities on the rise. Additionally, we anticipate a sustained ramp-up in foot-traffic as scheduled major store openings at Parqal unfold,” he said.

At the local bourse, shares in the company gained five centavos or 0.8% to end at P6.30 apiece. — Ashley Erika O. Jose