DM Wenceslao net income up 23% in 2018

Listed property developer D.M. Wenceslao & Associates Inc. (DMW) reported a 23-percent growth in bottom line for 2018, mainly driven by the performance of office and residential segments.

In a regulatory filing submitted by DMW chief information officer Mark Gorriceta, the company said its net income attributable to equity holders rose to P1.911 billion in 2018.

Revenue increased by 88 percent to P2.152 billion—88 percent or P1.901 billion of which was recurring income from rentals.

Land leasing rose by 5 percent to P965.2 million, building rentals were up 77 percent at P762.1 million, and other revenue related to leasing gained by 90 percent to P173.8 million.

Residential unit sales increased by 153 percent to P119.4 million, while other income related to joint venture agreements reached at P1.2 billion.

“We have a clear set of strong results and compelling opportunities ahead. Profitability has consistently improved over the years, with net income increasing 26 percent annually since 2016,” DMW CEO Delfin Angelo Wenceslao said.

The company ended 2018 with total leasable gross floor area of 89,914 sqm, leased land area of 155,418 sqm, and land reserves of at 313,415 sqm in Aseana City

“Our holistic approach to Aseana City master plan brings together our construction and real estate development capabilities from project planning to property management. This full scope of services provides us with a diversified earnings base and substantial recurring revenue streams,” Wenceslao said. —Jon Viktor Cabuenas/VDS, GMA News