D.M. Wenceslao & Associates Inc. has approved a plan to buy back up to P1 billion worth of shares from the open market to boost liquidity of the stock.
Delfin Angelo “Buds” C. Wenceslao, CEO of D.M. Wenceslao, said the share buyback program “reinforces our commitment to shareholder return and reflects our confidence in the fundamentals and long-term prospects of the Company without impacting our growth strategy.”
The company reported a 12% drop in its first quarter profit to P445.4 million. Last year’s profit of P507.1 million included other income of P300 million from the sale of rights to a third party.
Revenues jumped 72% to P1.02 billion, driven by record-high performance of its leasing and residential segments. Operating income likewise surged 72% to P588 million.
Recurring income from leasing comprised 50% of total revenues while non-recurring sources such as residential and construction accounted for a combined share of 50%.
Revenues from the leasing segment reached a record high P512.7 million in revenues, up 4% on sustained occupancy and higher rates on new leases.
The residential segment also delivered its highest quarterly revenues, raking in P498.1 million or nearly five times the P100 million recorded a year ago.
“We continue to show good progress against our strategic priorities of enhancing our earnings base and profitability by developing a portfolio of high-quality real estate projects, resulting in our highest quarterly revenues without land sale,” Wenceslao said.