DMCI Holdings Inc. of the Consunji Group posted a net profit of P2.9 billion in the first three months of 2019, down 26 percent from P3.9 billion, due to weak income contributions from the coal and energy businesses.
Minus non-recurring losses of P91 million during the period and one-time losses of P239 million in the same quarter last year, core net income fell 28 percent P3 billion from P4.1 billion a year ago.
First-quarter consolidated revenues declined three percent to P19.7 billion mainly due to lower coal prices and reduced power generation.
“All our other businesses did well in the first quarter but their combined results were not enough to mitigate the earnings slowdown of Semirara Mining and Power Corporation,” said DMCI Holdings chairman and president Isidro Consunji.
Consunji expects the company’s financial results to improve in the coming periods with the completion of the rehabilitation of the Unit 1 power plant of SEM-Calaca Power Corp.
Net income contributions from SMPC plunged 49 percent to P1.4 billion after an 18-percent decline in the average selling price of coal and the 21-percent drop in total power generation.
Income share from construction unit D.M. Consunji Inc. rose seven percent from P336 million to P359 million on the higher accomplishment of ongoing infrastructure projects.
DMCI Homes contributed P481 million, up five percent from a restated first-quarter earnings of P460 million last year.
DMCI Homes attributed the growth to lower cost of real estate development during the period.
Earnings share from DMCI Power Corp. rose 32 percent to P100 million on the back of higher energy sales in Masbate, Palawan and Oriental Mindoro provinces.
DMCI Mining Corp. posted a 129-percent increase in net income contribution to P103 million from P45 million as nickel ore shipments surged 118 percent from 156,000 wet metric tons to 338,000 tons.
Meanwhile, net income contribution from Maynilad Water Services Inc. increased 13 percent to P436 million due to the combined effect of higher billed volume, a more favorable customer mix, inflationary adjustment on the basic charge beginning January 1, 2019 and tariff adjustment of 2.7 percent starting October 1, 2018.