DM Wenceslao net rises 13% to P1.3B

PROPERTY developer D.M. Wenceslao and Associates Inc. (DMW) reported on Monday that its nine-month net income had reached P1.3 billion on robust leasing operations, a 13-percent improvement from the P1.1-billion profit, excluding land sale, booked last year.

Leasing revenues, which accounted for 65 percent of the company’s total revenue, increased by 15 percent to P1.8 billion. This consisted of rentals from land, building, and other revenues, including common use service area (CUSA) and parking fees.

The company said that revenue growth was partly driven by the opening of its latest mixed-use development, Parqal, at the end of September, which increased DMW’s total building leasing space by 45 percent.

“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,” CEO Delfin Angelo Wenceslao said in a statement.

“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 added.

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The company said residential revenues improved to P827 million from last year’s P801 million amid continued construction progress.

On Monday, D.M. Wenceslao shares were up 5 centavos at P6.30 each.