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DMCI, Phinma and Cosco book mixed earnings

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Conglomerates DMCI Holdings Inc., Cosco Capital Inc. and Phinma Corp. booked mixed earnings results in the first nine months of the year.

DMCI Holdings of the Consunji Group said in a disclosure to the stock exchange its nine-month net income declined 11 percent to P9.3 billion from P10.4 billion year-on-year.

It attributed the lower profit to lower income contributions from units Semirara Mining and Power Corp. D.M. Consunji Inc. and DMCI Mining Corp.

DMCI Holdings, however, booked a 47-percent increase in net income in the third quarter to P2.8 billion from P1.9 billion a year earlier due to the normalized coal operations of SMPC from a year ago when heavy rains in July and August caused a production slowdown. 

“We had a strong third quarter but we still expect negative growth for the  full-year because of the scheduled shutdown of Calaca Units 1 and 2, low coal prices and lower construction accomplishments in our real estate business,” said DMCI chairman and president Isidro Consunji.

Cosco Capital Inc., the listed retail holding firm of tycoon Lucio Co, said consolidated net income jumped 137 percent to P14.52 billion in the first nine months of 2019 from P6.12 billion on year on the strong performance of business units as well as one-time gain from the sale of Liquigaz.

Minus the one time gain, core attributable net income to equity holders grew rose 14 percent to P4.25 billion.

The group’s grocery retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club, contributed 54 percent of total profits, followed by the commercial real estate segment with 22 percent and the liquor distribution with 17 percent. 

Conglomerate Phinma Corp. also posted a 37-percent increase in nine-month net income to P312 million from P227 million a year ago.


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