Higher coal sales boosted DMCI’s profit to P4.1b in Q1
DMCI Holdings Inc., the investment company of the Consunji family, said it booked a net income of P4.3 billion in the first quarter, up 5 percent from P4.1 billion recorded in the same period last year, lifted by the positive performance of coal mining, water and construction businesses.
First-quarter consolidated revenues rose 8 percent in January to March to P20.3 billion from P18.8 billion a year ago.
“Our power generation business suffered some setbacks this quarter because of the unplanned outages of Sem-Calaca Power Corp. and Southwest Luzon Power Generation Corporation,” said DMCI Holdings chairman and president Isidro Consunji.
“But we believe that higher coal sales and average selling prices will more than offset the impact of these outages on our bottom line,” he said.
SMPC recorded a 3-percent rise in net income to P4.6 billion in the first quarter, on the back of a 24-percent increase in the average selling price of coal.
SMPC’s first-quarter net income contribution to the parent company rose 3 percent from P2.5 billion to P2.6 billion.
Net income contribution of water utility firm Maynilad Water Services Inc. jumped 12 percent from P282 million to P315 million, driven by 4.8-percent increase in billed volume, coupled with a 2.8-percent inflationary rate adjustment on basic charge beginning Jan. 1 this year.
Construction unit D.M. Consunji Inc. posted an 85-percent surge in net income share following the realization of variation orders from projects nearing completion. Its contribution to the parent rose to P336 million from P182 million a year earlier.
Net income share of DMCI Homes declined 11 percent to P848 million from P950 million amid a slowdown in revenue recognition.
Earnings contribution from off-grid energy business DMCI Power fell 12 percent from P87 million to P76 million on lower-than-expected provisional tariff granted to Aborlan power plant in Palawan.
Shipment of higher grade nickel from old stockpile and lower depreciation costs allowed DMCI Mining to deliver strong growth in the first three months of the year. Its net income contribution grew 41 percent year-on-year from P32 million to P45 million.