D.M. Wenceslao & Associates, Inc. (DMW) saw a 31.1% increase in its third-quarter attributable net income to P449.98 million from P343.22 million a year ago, driven by higher rental revenue.
Third-quarter revenue improved by 12.7% to P897.72 million from P796.59 million last year, DMW said in a stock exchange disclosure on Wednesday.
Rental revenue reached P857.31 million, up by 29.6% from P661.31 million in 2023.
For the first nine months, DMW grew its attributable net income by 8.4% to P1.37 billion from P1.26 billion last year.
“The Philippine real estate sector is on an upward trajectory, supported by stable inflation and declining interest rates. In Parqal, we’re witnessing firsthand the impact of these macroeconomic tailwinds, with customer spending and foot traffic at year-high levels,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said.
Revenue declined by 3.4% to P2.72 billion from P2.81 billion last year due to lower sales of condominium units.
Recurring revenues, encompassing land, building, and ancillary rentals, jumped 33% to P2.4 billion.
Commercial building revenue surged by 52% to P1.1 billion, driven by strong demand from logistics and traditional occupiers.
Mr. Wenceslao said the start of the Light Rail Transit-1 (LRT Line 1) Cavite Extension Phase 1 this month will provide a boost to the company’s market reach.
The Transportation department previously said the five stations of the LRT-1 Cavite Extension project that will open include Redemptorist Station, MIA Station, Asia World Station, Ninoy Aquino Station, and Dr. Santos (Sucat) Station.
“This big-ticket infrastructure project will provide seamless access to Aseana City for up to 600,000 passengers daily, connecting an estimated eight million residents across cities traversed by LRT Line 1. This significantly broadens Aseana City’s labor market reach and consumer base,” he said.
On Wednesday, DMW shares rose by 0.36% or two centavos to P5.52 per share. — Revin Mikhael D. Ochave
