D.M. Wenceslao and Associates, Inc.’s (DMW) first-quarter net income grew to ₱551 million, buoyed by robust leasing operations.
Leasing revenue consisting of rentals from land, building, and other revenues including common use service area and parking fees soared 31 percent to ₱790 million, representing 84 percent of total revenue.
Commercial building revenue jumped 54 percent to ₱320 million propelled by strong leasing activities across the whole portfolio and boosted by the 73,000 square-meter addition in commercial gross leasable are from the opening of Parqal. Land rentals increased by 10 percent to ₱344 million on new leases and lease expansions.
Residential revenue stood at ₱148 million in 1Q2024, impacted by the timing of revenue recognition.
DMW maintained a strong financial standing, with a net cash position of ₱1.8 billion and a high current ratio of 2.8 times.
“Our first quarter results reflect our strategic foresight in cultivating a holistic real estate portfolio,” said Delfin Angelo ‘Buds’ Wenceslao, chief executive officer.
“Our focus on creating mixed-use environments that encapsulate the essence of live, work, and play has translated into strong sustained interest from a diverse range of tenants. This highlights the effectiveness of our strategy to provide not just spaces but destinations that enrich daily experiences,” Wenceslao said.
