MANILA - Integrated property developer D.M. Wenceslao on Tuesday said its net income rose 10 percent from January to September this year buoyed by sustained sales.
The master developer and primary owner of Aseana City reported net income attributable to equity holders amounted to P1.83 billion in the first nine months of the year, from P1.66 billion posted in the same period last year.
Top line revenues increased 13 percent on year, driven mostly by sustained sales growth of its residential portfolio, it said.
“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 Atty. Heherson Asiddao, Chief Financial Officer at DM Wenceslao and Associates.
The residential segment saw a 67 percent rise in condominium units sales at P707.3 million, up from the P422.7 million in the same period last year.
Pixel Residences, which was fully pre-sold since June 2017, has allowed the firm 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, it said.
Recurring income comprised of rentals from land, buildings, and other income such as common usage service area fees amounted to P1.47 billion or 67 percent of the total revenues, while leasing of land, rentals of buildings, and other revenue totaled P1.47 billion.
In October, DM Wenceslao Group said it acquired a building in Makati City for its planned residential condominium in the area.
Aseana Residential Holdings Corp acquired a 1,600 square meter buidling in Legazpi Village, Makati City, the company said in a statement.