DM Wenceslao & Associates Inc. reported a P445.4-million net income attributable to its equity holders in the first quarter of 2020.

In a filing on Friday, the listed property developer said the amount was a 12-percent drop from P507.1 million in the same period last year. The earlier amount included the P300 million gained from the sale of rights to a third party. Without that, net income would be up 71 percent this year.

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