Conglomerate DMCI Holdings Inc. said Wednesday its first-quarter consolidated net income slipped 25 percent to P5.6 billion from P7.5 billion a year ago on lower contributions from most of its businesses.
The company said consolidated revenue fell 17 percent from P33 billion to P27.4 billion due to stabilizing coal, nickel and electricity prices, coupled with lower construction accomplishments, fewer real estate accounts that qualified for revenue recognition and higher real estate sales cancellations.
“Market prices pose a significant challenge for us this year. We do not expect coal, nickel and electricity prices to recover to the highs of the past two years due to shifts in demand-supply dynamics,” said DMCI Holdings chairman and president Isidro Consunji in disclosure to the stock exchange. “To mitigate these external challenges, we will focus on improving operational efficiency and refining our marketing strategies to enhance the value of our products and services,” he said.