Property developer D.M. Wenceslao and Associates Inc. said Monday net income attributable to equity holders dropped 10 percent in 2020 to P2.13 billion from P2.37 billion in 2019 on lower revenues.
Consolidated revenues declined 22 percent to P2.73 billion last year from P3.51 billion in 2019, the company said in a disclosure to the stock exchange.
“While 2020 proved to be a uniquely challenging year that caused unparalleled economic disruption globally, the risks that the pandemic posed in our business operations have been minimal,” said DMWAI chief executive Delfin Angelo Wenceslao.
“Despite the uncertainty brought upon by this pandemic, our leasing business proved to be a solid source of recurring income as our lease portfolio is spread across various industries with diverse area requirements and commercial considerations. Our residential segment continued to deliver favorable results for the year. Our performance in 2020 is reflective of not only the resiliency and scalability of our diversified business streams but also the execution capabilities of the DMWAI team,” Wenceslao said.
DMWAI’s revenues from residential segment jumped 37 percent to P749.3 million from P547.65 million in 2019.
The company said it turned over 91 percent of its inventory and recognized revenues amounting to P1.25 billion for its first residential project Pixel Residences as of end-2020.
Meanwhile, recurring income consisting of rentals from land, building and other revenues such as common use service area fees continued to provide a robust source of revenue for the company, reached P1.96 billion, accounting for 72 percent of total revenues.
DMWAI said it spent P5.04 billion last year or 66 percent of its net proceeds from its initial public offering for the development of pipeline projects.
The company is set to complete two projects in its pipeline this year, including 8912 Asean Ave., DMWAI’s largest office project to date, and Parqal, an integrated mixed-use development.
It said that upon completion, these projects will boost DMWAI’s available gross leasable area by 140,000 square meters and strengthen recurring income streams.
The share price of DMWAI slipped 1.3 percent Monday to P6.80.