DM Wenceslao profit up 11%

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    DM Wenceslao & Associates Inc. grew its profit by 11 percent in the first nine months of the year to P1.65 billion, form P1.49 billion a year ago.

    The company said net income margin was 86 percent from 93 percent the previous year, while revenues jumped 21 percent to P1.94 billion from P1.6 billion the year earlier as the residential segment gathered speed.

    Of the total revenues, about P1.47 billion or 76 percent was recurring income, including rentals from land, buildings and other revenues such as common use service area fees, DM Wenceslao said.

    “By business segment, leasing of land increased 2 percent to P736.8 million. Rentals of buildings and other revenues related to leasing grew 7 percent and 10 percent to P594.3 million and P142.2 million, respectively,” it said.

    “Sale of residential condominium units surged nearly six-fold to P422.7 million. Leasing of land, building and sale of condominium units represented 38 percent, 31 percent and 22 percent of the company’s total revenues, respectively,” it added.