DM Wenceslao nets P393.537M in Q2

Property developer D.M. Wenceslao and Associates Inc. (DMW) saw an increase in its net profit for the second quarter to reflect the growth in revenues during the period, driven mainly by the growth of its residential earnings.

In a regulatory filing, DMW said its net profit grew to P393.537 million from P377.967 million. Revenues grew to P917.553 million from P779.401 million, including P571.103 million from rentals, P276.319 million from the sale of condominium sales, and P70.129 million from construction contracts.

The costs of services and sales increased to P597.917 million from P583.165 million, while taxes grew to P393.537 million from P377.996 million.

The first half net profit declined to P924.773 million from P1.344 billion, as revenues fell to P2.014 billion from P2.360 billion.

“In spite of prevailing challenges in the Philippine property landscape, promising opportunities are steadily emerging. Notably, office space requirements across traditional and emerging industries ramped up significantly, boosting our office leasing activities,” DMW chief executive officer Delfin Angelo “Buds” Wenceslao said.

“Furthermore, investor-driven demand buoyed MidPark sales as residential investors anticipate major developments and infrastructure in Aseana City,” he added.

Moving forward, Wenceslao said the company is “well-positioned” to seize opportunities across the real estate spectrum, and expects the “surging” foot-traffic to boost its soon-to-open flagship project Parqal.

DMW is the master developer and primary owner of Asean City, a development project along Manila Bay with a total land area of 107.5 hectares. It has reclaimed over 2.4 million square meters of land leased, or developed over 300,000 square meters of land and buildings. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News