DM Wenceslao 9-month income rises to P1.5 billion

MANILA, Philippines — DM Wenceslao & Associates Inc. said its nine-month earnings amounted to P1.5 billion on revenues of P1.8 billion.

Recurring income from the leasing of land and commercial space rose 31 percent to P1.5 billion, making up 83 percent of total revenues.

Rentals of land likewise grew five percent to P721.6 million and rentals of buildings and other revenues related to leasing expanded 70 percent and 77 percent to P558.2 million and P199.2 million, respectively.

Delfin Angelo C. Wenceslao, chief executive officer of DMW, said the company is on track to finishing the year with double digit net income growth.

“We remain deliberate in executing the long-term strategy we set out at the time of our initial public offering. Our strategic decision of controlling land sales in favor of delivering profitable growth over the long-term reflects our focus on fundamentals,” Wenceslao said.

He said with the fast- rising land values in Aseana City, the company would  continue to implement prudent and appropriate strategies to strengthen the foundation for future growth.

These include the planned land sale in 2019 and the increased leasable gross floor areas of pipeline projects.

Wenceslao is optimistic that ongoing developments within Aseana City such as the recently inaugurated Parañaque Integrated Terminal Exchange (PITX) would improve access to Aseana City from multiple significant localities, including the rapidly growing population centers of Alabang, Cavite and Laguna.