D.M. Wenceslao and Associates Inc.’s (DMW), the listed developer of the Wenceslao Group, reported a first quarter net income of P526 million, down compared to the P960 million recorded a year ago.
However, DMW said the first quarter 2022 income was higher as a result of a land sale during the period.
“When comparing the ex-land sale net income in first quarter 2022, which was P362 million, DMW’s first quarter 2023 net income of P526 million reflects a 45 percent year-on-year increase,” DMW said in a regulatory filing.
“As we navigate through 2023, we recognize the persistent challenges in the macroeconomic environment. Nevertheless, we remain optimistic as we strive to capitalize on silver linings in the Philippine property market,” said DMW CEO Delfin Angelo ‘Buds’ Wenceslao.
“The scheduled opening of our flagship mixed-use project Parqal in 2023 is well-positioned to benefit from the surging mobility and macroeconomic recovery in the country,” Wenceslao added.
The first quarter 2023 net income of P526 million was driven by a significant jump in residential earnings and supported by stable rental earnings growth.
Residential revenues rose 83 percent to P427 million on the back of a higher number of units qualified for revenue recognition, continued construction progress, and additional sales take up.
The company’s rental revenues consisting of rentals from land, building, and other revenues improved seven percent to P601 million, accounting for 55 percent of total revenues. The growth in rental revenues was primarily driven by new locators and buoyed by rental escalation.
DMW maintained a net cash position of P2.2 billion in the first quarter of 2023.
