Robust leasing, stable residential growth and one-time gain bolstered net income of D.M. Wenceslao and Associates Inc. three times to P7.3 billion last year from P2.1 billion in the previous year.
DMW booked one-time gains amounting to P5.6 billion from the consolidation of a joint venture.
Excluding the one-off item, the core net income rose 10 percent to P1.7 billion, driven by strong leasing operations and stable residential growth.
Leasing revenue consisting of rentals from land, building, and other revenues including CUSA and parking fees jumped 19 percent to P2.6 billion, constituting 63 percent of total revenue. The growth was propelled by strong take up across the portfolio and the successful launch in September of Parqal, 70,000-square-meter development in ASEANA. DMW increased total commercial building space by 45 percent to 235,846 square meters.
Residential revenue improved by 8 percent to P1.4 billion, buoyed by consistent construction progress and incremental units qualifying for revenue recognition. “DMW is primed to climb even greater heights this year, riding a tailwind of robust economic growth, resurgence in commercial space demand, and surging mobility,” Delfin Angelo Wenceslao, DMW chief executive officer, said in a statement.
