D.M. Wenceslao and Associates Inc. booked a 13=percent growth in its net income in the first nine months of 2023 to P1.3 billion from P1.1 billion net income in 2022, fueled by robust leasing operations.
D.M. Wenceslao said in a disclosure to the Philippine Stock Exchange that leasing revenues consisting of rentals from land, building and other revenues, including common use service area (CUSA) and parking fees surged 15 percent to P1.8 billion and constituted 65 percent of total revenues.
“We’ve seen a significant upswing in leasing activities during the period. It is noteworthy that the rental earnings jump in our nine-month 2023 period does not yet fully reflect the upside from our mixed-use flagship project Parqal, which only opened in late September,” said D.M. Wenceslao chief executive Delfin Angelo Wenceslao.
The company said the growth was driven by strong take up in existing commercial buildings and bolstered by the successful opening of Parqal towards the end of September.
Pasqal, nestled in the heart of Aseana City, spans over 73,000 sq.ms gross leasable area (GLA) and sits on five hectares of land stretching from Diokno Avenue to Macapagal Boulevard.
The company said Parqal’s opening increased its total building leasing space by 45 percent to 235,846 sq.ms. Residential revenues improved to P827 million on the back of continued construction progress.
D.M. Wenceslao maintained a net cash position of over P2 billion. Current ratio remained high at 1.6x.
“As we look ahead, our outlook is optimistic, with leasing activities on the rise. Additionally, we anticipate a sustained ramp-up in foot-traffic as scheduled major store openings at Parqal unfold,” Wenceslao said.
D.M. Wenceslao is an integrated property developer with expertise in land reclamation, construction, and real estate development. It is the master developer and primary owner of Aseana City, a development project with a total land area of 107.5 hectares located along the coastal waters of Manila Bay.