MANILA -- Integrated property developer D.M. Wenceslao & Associates, Incorporated (DMW) on Tuesday said its profit surged by 42 percent in the first half of 2018, driven by the strong core leasing growth and the addition of an investment property.
In a disclosure to the local bourse, DMW said its net income reached PHP969.8 million in January to June from PHP684.9 million during the same period last year.
Its net income attributable to the parent slightly however declined by 6 percent to PHP503.13 million in the second quarter from PHP535.32 million last year.
Revenues in the first six months also dropped by 23 percent from PHP1.56 billion to PHP1.2 billion, with recurring income contribution reaching 80 percent primarily due to completion of a new office building.
“We have completed our third commercial office building ahead of schedule and within budget. This early delivery added over 30,000 sq.m. (square meters) of leasable gross floor area which was fully leased out as of the end of 2017,” said DMW Chief Executive Officer Delfin Angelo Wenceslao.
Wenceslao said the company is ramping up the business through a combination of land and commercial leasing and residential sales growth. (PNA)
