D.M. Wenceslao & Associates, Inc. (DMW) saw its attributable profit slip by 6% in the second quarter of 2018, as revenues likewise slowed during the period.
In a regulatory filing, the newly listed property developer reported a net income attributable to the parent of P503.13 million in the three months ending June, lower than the P535.32 million it realized in the same period a year ago.
The profit drop followed a 41% decline in DMW’s revenues to P637 million, versus the P1.07 billion it generated during the second quarter of 2017.
The company’s stronger performance in the first quarter allowed it to grow its attributable profit by 42% in the first half of the year to P969.8 million. Revenues however dropped 23% to P1.2 billion.
“Strong execution from our marketing, and construction teams is accelerating momentum across our businesses. We have completed our third commercial office building ahead of schedule and within budget,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement. — Arra B. Francia