DM Wenceslao income rise 18% to P853 million in 1st half

MANILA, Philippines — D.M. Wenceslao and Associates Inc. reported a net income of P853 million in the first half, 18 percent higher than the same period last year as a result of tax credit related to the Corporate Recovery and Tax Incentives for Enterprise Act (CREATE).

DWMAI chief executive officer Delfin Angelo ‘Buds’ Wenceslao said the company continues to await full recovery.

“As risks continue to emerge, we highlight the importance of having a conservatively-managed balance sheet which so far has allowed us to support our stakeholders throughout this pandemic, to continue to distribute dividends to our shareholders, and to pounce on opportunities that presented themselves,” he said.

Consolidated revenues declined by 20 percent to P1.24 billion as DMWAI’s residential revenues declined by 51 percent to P267 million.

DMWAI said this is due to the fact that only P110 million revenues were booked for Pixel Residences during the period, down from P517 million a year ago.

Recurring income consisting of rentals from land, building, and other revenues such as common use service area fees remained stable at P974 million, accounting for 78 percent for first half revenue.

DMWAI is a listed 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, the company 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.