Property developer D.M. Wenceslao and Associates Inc.’s 9-month net income rose 39 percent to ₱1.7 billion from ₱1.2 billion a year ago, bolstered by improved mobility and notwithstanding macroeconomic headwinds.
DMW maintained a net cash position of ₱2.4 billion as of the end of the third quarter. Current ratio remains high at 1.7x.
“DMW continued to deliver its growth initiatives despite a macroeconomic backdrop tainted with relatively high inflation and rising interest rates. The strategies that we’ve instituted early on proved essential in allowing us to sail through headwinds,” said Delfin Angelo ‘Buds’ Wenceslao, chief executive officer.
“In the early stages of project development, we’ve already locked in most construction material prices for both Parqal and MidPark Towers, keeping our costs protected from the run-up in prices,”Wenceslao said. “Our leverage ratios continued to be among the lowest in the industry, with peso-denominated and fixed-rate debt that kept us insulated from forex fluctuations and changes in interest rates. We firmly believe that beyond these short-term headwinds, the long-term growth story of the Philippine real estate industry remains intact,”he added.
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