D.M. Wenceslao & Associates Inc. (PSE: DMW) has reported net income attributable to equity holders of PhP1.9 billion in 2018, 23% higher from 2017. Net income margin reached 89% from 56% in the prior year, reflecting continued momentum in each of the businesses, led by the office and residential segments.
Revenues amounted to PhP2.15 billion, of which PhP1.9 billion or 88% are recurring income from rentals. Leasing of land grew 5% to PhP965.2 million and while rentals of buildings and other revenues related to leasing increased 77% and 90% to PhP762.1 million and PhP173.8 million, respectively. Residential unit sales increased by 153% to PhP119.4 million. Meanwhile, other income in connection with the settlement of the company’s joint venture agreements was PhP1.2 billion.