PROPERTY developer D.M. Wenceslao & Associates, Inc. (DMW) posted a 10% drop in net income attributable to equity holders to P2.13 billion last year, which its top official said had posed minimal risks to business.

The company also reported its consolidated revenues declined by 22% to P2.73 billion from P3.51 billion.

“While 2020 proved to be a uniquely challenging year that caused unparalleled economic disruption globally, the risks that the pandemic posed in our business operations have been minimal,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement on Monday.

The property developer said its residential segment “finished strong” in 2020, while earnings from its land and building rentals remained robust.

Recurring income, which includes land and building rentals and other revenues, made up for 72% or P1.96 billion of the company’s total revenues for the year.

Its leasing segment reported an occupancy rate of 93% throughout the year.

“Despite the uncertainty brought upon by this pandemic, our leasing business proved to be a solid source of recurring income as our lease portfolio is spread across various industries with diverse area requirements and commercial considerations,” Mr. Wenceslao said.

Earnings for its residential business amounted to P749.3 million, up by 37% from P547.65 million in 2019.

The company said it saw minimal cancellations of reservations in 2020.

In December last year, the company said it had turned over 91% of its inventory. Revenues of P1.25 billion were recognized for Pixel Residences, DMW’s first residential real estate project.

The company said it had used 66% or P5.04 billion of the net proceeds from its initial public offering to finance the development of its pipeline projects, two of which are set to be completed next year.

The pipeline projects include 8912 Asean Ave. development, which is said to be the company’s largest project so far. The mixed-use development Parqal, meanwhile, is forecast to be finished by the fourth quarter of this year.

The company expects the two projects to boost its available gross leasable area by nearly 140,000 square meters.

In an analysts’ briefing, the company said it expects the residential segment to be a notable contributor to its revenues in 2021.

Some 93% of Pixel Residences units have been turned over to buyers, and reported an unrecognized revenues of P265.1 million in the first half of this year.

Pre-selling for another DMW residential project, MidPark Towers, is ongoing.

On Monday, DMW shares at the stock exchange inched down by 1.31% to close at P6.80 from P6.89. — Keren Concepcion G. Valmonte

THE Securities and Exchange Commission (SEC) on Monday launched its online submission tool (OST), which it expects to improve its services to corporations.

“Beyond making it easier and more convenient for corporations to comply with their reportorial requirements, the OST should help our stakeholders become more comfortable with digital-based transactions, as we harness the full advantages of new technologies in improving our services,” SEC Chairperson Emilio B. Aquino said in a statement on Monday.

The submission tool can be accessed through https://cifss-ost.sec.gov.ph.

Annual reports of corporations may now be submitted digitally through the OST without having to go to the corporate regulator’s physical offices.

Authorized filers must first enroll on the platform by accomplishing an online form and by submitting a board resolution authorizing a representative to file for the company, and a copy of the submitted list of e-mail addresses and cell phone numbers or an accomplished 2020 General Information Sheet (GIS) form.

Law, consultancy, and firms offering services to corporations and partnerships may enroll as authorized filers.

Annual Financial Statements (AFS), GIS, Sworn Statement for Foundation, General Form for Financial Statements, and Special Form for Financial Statements may be submitted using the online platform.

For the OST’s initial implementation, submissions of Affidavit of Non-Operation may be made with the GIS or the AFS. The Affidavit of Non-Holding of Annual Meeting may also be submitted with the GIS.

“This initiative is a key component of the commission’s ongoing digital transformation, bringing us even closer to the achievement of both our ease-of-doing-business and sustainability goals,” Mr. Aquino said.

All stock corporations including their branch and representative offices, regional headquarters, and the regional operating headquarters of foreign corporations will be required to use the OST beginning this year. Nonstock corporations meanwhile will be allowed to submit reports in person, but will be required to use the online platform by next year.

The corporate regulator will only accept reports over the counter if filers encounter problems with the OST. However, users must present the notice generated by the platform.

The commission will be setting up OST Kiosks in SEC offices and other areas until Dec. 15 to assist users with using the new platform. But subsequent submissions should be done online, it said. — Keren Concepcion G. Valmonte