Property developer D.M. Wenceslao and Associates Inc. said net income attributable to parent equity holders rose 18 percent to P853 million in the first half as a result of a tax credit related to Corporate Recovery and Tax Incentives for Enterprise Act.
Consolidated revenues declined 20 percent year-on-year to P1.24 billion. Residential revenues dropped 51 percent to P267 million as only P110 million revenues were booked for Pixel Residences during the period, down from P517 million in the first half of 2020.
“We note that Pixel Residences is already near full completion and turnover, with little remaining unrecognized revenues. Meanwhile, revenues from MidPark Towers reached P156 million from only P29 million in the first half of 2020,” it said.
“While we avidly await a full-blown recovery, we remain vigilant of risks arising from the still-ongoing COVID pandemic, including the more contagious Delta variant and the stricter lockdown measures implemented to curb a surge in cases,” said D.M. Wenceslao chief executive Delfin Angelo Wenceslao.
