Paranaque City, Philippines, August 13, 2020 —— D.M. Wenceslao & Associates,
Incorporated (PSE: DMW) reports revenues expanded to P1,552.3 million, up 23% year over-year, led by strong contribution from the residential segment. Of the total revenues, P990.2 million or 64% were recurring income, including rentals from land, building and other revenues such as common use service area fees. By business segment, leasing of land decreased slightly to P495.8 million from P497.4 million in 2019. Rentals ofbuildings grew 4% to P409.9 million and other revenues related to leasing decreased by 10% to P84.5 million.
Net income attributable to equity holders stood at P716.5 million for the first six months of 2020, down 36% from P1,123 million in the same period in 2019 due to the P600 million one-off gain recognized in 2019 as part of other income. That notwithstanding, DMW’s operating profit increased by 25% for the same period brought about by the ramp-up in revenues from sale of condominium units and stable recurring income contribution. Net income margin was 48%.
Sale of residential condominium units increased by 105% to P546.5 million, although the company was only able to recognize P48.3 million in revenues in the 2nd quarter due to the effects of the covid pandemic. Leasing of land, building and sale of condominium units represented 32%, 26% and 35% of the Company’s total revenues, respectively. “Notwithstanding the detrimental effects of covid on our pipeline projects and operating buildings, second quarter was again a record quarter for our residential business driven mostly by the turnover of recently finished project, Pixel Residences,” said Buds C. Wenceslao, chief executive officer. As of July 31, total pre-sales of MidPark Towers have surpassed P5.5 billion.
“While this pandemic has caused severe uncertainty and lack of consumer confidence in the market, the value enhancement strategies we execute on our Aseana City landbank remains steadfast. As we have witnessed just recently, living in mixed use masterplanned communities will continue to have an advantage in terms of amenities, infrastructure and services.” adds Wenceslao.
“Our commitment to continued growth is reflected in the ongoing trend in our capital expenditures. As of June 30, we have deployed P2,977.5 million or 39% of our net proceeds from the initial public offering primarily for pipeline project development,” Wenceslao added..”
ABOUT D.M. WENCESLAO & ASSOCIATES, INCORPORATED
DMW is an integrated property developer with expertise in land reclamation, construction and real estate development. It is the master developer and primary owner of Aseana City, a development project with a total land area of 107.5 hectares located along the coastal waters of Manila Bay. Since 1965, DMW has reclaimed more than 2.4 million square meters of land, leased or developed 260,000 square meters of land and buildings, and completed over 140 construction and infrastructure projects including large, complex government developments throughout the Philippines. For further information, visit dmwai.com or contact [email protected]