D.M. Wenceslao and Associates Inc. reported a 31.5 percent drop in net income for the first half of 2023 to P913 million from the P1.33 billion earned in the same period last year.
It noted that in the first half of 2022, DMW records a 1,790 square meter land sale while no land was sold in the first semester this year. Excluding the land sale, DMW’s first half 2023 net income of P913 million reflects a 24 percent year-on-year growth from its first half 2022 ex-land sale net income of P734 million.
The company’s rental revenues consisting of rentals from land, building, and other revenues including CUSA and parking fees improved six percent to P1.2 billion, accounting for 58 percentof total revenues.“In spite of prevailing challenges in the Philippine property landscape, promising opportunities are steadily emerging,” said DMW Chief Executive Officer Delfin Angelo Wenceslao.
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