DM Wenceslao profit up 10%

    608

    DM Wenceslao and Associates Inc. (DMWAI) grew profit by 10 percent to P1.83 billion in the first nine months of the year from P1.66 billion a year ago.

    Revenues went up 13 percent to P2.20 billion from last year’s P1.95 billion, driven primarily by the “sustained sales growth in residential portfolio,” the company said.

    The residential segment posted sales of P707.30 million, up 67 percent from P422.74 million last year, it added.

    “Pixel Residences, which was fully pre-sold since June 2017, has allowed the company to successfully recognize 83 percent or P1.25 billion in revenues due to the successful turnover of 42 percent of its inventory to its buyers this quarter,” DMWAI said.

    Recurring income comprised of rentals from land, buildings and other income such as common usage service area fees reached P1.47 billion.

    “DMWAI’s sustained performance for the first nine months of the year is a testament of the company’s robust and solid fundamentals even in the face of adversity. Despite the unprecedented challenges posed by the current pandemic, we are confident in our short- and long-term strategies as we continue to take strategic actions to fuel our momentum and position us for stronger growth in the future,” said Heherson Asiddao, DMWAI chief financial officer.