D.M. Wenceslao and Associates Inc. (DMW) said Tuesday that net income in the three months ending March 2024 rose 5 percent to P551 million, from P526 million last year, on the back of robust leasing operations.

In a statement, DMW Chief Executive Officer Delfin Angelo Wenceslao said the firm's first-quarter performance demonstrated its "strategic foresight in cultivating a holistic real estate portfolio."

Leasing revenues — comprising land and building rentals as well as other revenues — ballooned 31 percent year-on-year to P790 million, accounting for 84 percent of the topline.

Gains from commercial buildings surged 54 percent to P320 million, driven by strong leasing activities and aided by the opening of Parqal, which added 73,000 square meters (sqm) of commercial gross leasable area.

Land rentals, meanwhile, rose by 10 percent to P344 million, thanks to new leases and lease expansions.

In the residential segment, the property developer said revenues totaled P148 million, affected by the timing of sales recognition.

DMW said it sustained a strong financial standing at the end of the first quarter as net cash amounted to P1.8 billion, and the current ratio was 2.8 times.

Last year, the firm saw its net income more than triple to P7.3 billion from P2.1 billion due to strong leasing, steady residential growth, and one-off gains.

The firm's shares fell by 8 centavos to P5.50 on Tuesday.