DMCI Holdings recorded a 9-percent drop in second-quarter consolidated net income o P8.2 billion from P9 billion on lower contributions from the coal, nickel and construction businesses.
DMCI chairman and president Isidro Consunji said the company delivered positive second-quarter results despite a double-digit drop in coal and nickel prices because of strong performance of its power and water businesses.
“Our bottom line was propped up by the strong rebound of our power and water businesses. Although coal and nickel prices dropped double digits and construction volumes are on a downtrend, we were able to deliver our second highest Q2 ever,” Consunji said.
Net income contribution from Semirara Mining and Power Corp. dipped 5 percent in the second quarter o P5.8 billion as weaker coal selling prices offset the higher coal shipments, power generation, electricity sales and average selling prices.
DMCI Homes contributed P1.4 billion, or 8 percent higher than P1.3 billion a year ago on the back of higher finance and other income.
Affiliate Maynilad Water Services Inc. delivered a 21-percent improvement in contribution to P474 million due to the combined effect of improved billed volume, customer mix and average effective tariff.
Contribution from DMCI Mining fell 51 percent to P250 million from P510 mainly due to lower selling prices and foreign exchange gain, coupled with higher costs.
DMCI Power delivered P231 million in profits, a 13-percent increase from P205 million because of higher electricity sales and lower fuel costs.
Contribution from D.M. Consunji Inc. plunged 73 percent to P139 million because of slower construction accomplishments, fewer projects and delays in major projects.