The boom in its core leasing business and the addition of investment property to its portfolio helped push integrated property developer D.M. Wenceslao & Associates, Incorporated (DMW) to a record P969.8 million net income in the first half of the year. The figure is 42 percent higher from the same period in 2017.

DMW told the Philippine Stock Exchange (PSE) in a disclosure that gross revenues reached P1.197 billion with recurring income contribution reaching 80 percent primarily due to completion of a new office building.

Rentals of land grew five percent to P482.2 million while rentals of buildings and other revenues related to leasing expanded 70 percent to P351.9 million and P127.9 million, respectively. Residential unit sales increased six percent to P119.5 million and construction revenue rose 19 percent to P114.5 million.

Delfin Angelo C. Wenceslao, DMW chief executive officer commented, “Strong execution from our marketing and construction teams is accelerating momentum across our businesses. We have completed our third commercial office building ahead of schedule and within budget.