D.M. Wenceslao & Associates, Inc. (DMW) reported a 4.8% rise in its first-quarter (Q1) net income to P551 million, buoyed by increased leasing revenue.
Leasing revenue consisting of rentals from land, building, and other revenues including common use service area and parking fees, representing 84% of total revenue, increased by 31% to P790 million, DMW said in a statement to the stock exchange on Tuesday.
Commercial building revenue went up by 54% to P320 million on strong leasing activities across the whole portfolio, boosted by the 73,000-square- meter addition in commercial gross leasable area from the recent opening of the company’s Parqal mixed-use development.
Land rentals rose by 10% to P344 million on new lease and lease expansions. Residential revenues stood at P148 million.
“Our first quarter results reflect our strategic foresight in cultivating a holistic real estate portfolio,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said.
“Our focus on creating mixed-use environments that encapsulate the essence of live, work, and play has translated into strong sustained interest from a diverse range of tenants. This highlights the effectiveness of our strategy to provide not just spaces but destinations that enrich daily experiences,” he added.
On Tuesday, DMW shares fell by 1.43% or eight centavos to P5.50 apiece. — Revin Mikhael D. Ochave
