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Friday, March 29, 2024

DMCI increased six-month profit by 21% to P9.2-billion

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DMCI Holdings Inc. of the Consunji family booked a net profit of P9.2 billion in the first six months of 2018, up 21 percent from P7.6 billion year-on-year, fueled by higher contributions from its coal mining, real estate, construction, nickel mining and water businesses. 

The January-June profit was boosted by one-time gain from the sale of property by its real estate unit worth P715 million.

Minus the extraordinary gains, the group’s core net income grew 10 percent in the first half of the year to P8.6 billion from a year ago. 

DMCI Holdings said in a disclosure to the stock exchange consolidated revenues from the January-to-June period reached P44.2 billion, up 19 percent from P37.1 billion a year ago.

The holding firm posted P5 billion in profits in the second quarter, up 38 percent from P3.6 billion year-on-year. Consolidated revenues in the same period surged 31 percent to P23.9 billion from P18.3 billion.

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“All of our businesses fared well except for our power subsidiaries. The unplanned and prolonged outages of Sem-Calaca Power Corporation and Southwest Luzon Power Generation Corporation cut into the profitability of Semirara Mining and Power Corporation (SMPC),” said DMCI Holdings chairman and president Isidro Consunji. 

“DMCI Power continues to implement a lower provisional tariff for its Aborlan power plant because its motion for recomputation is still under review with the Energy Regulatory Commission (ERC),” he added. 

Semirara posted a three percent increase in the first-half net income to P4.6 billion on higher sales and prices. 

Net income contribution of affiliate Maynilad Water Services Inc. rose 16 percent to P1 billion from P877 million a year ago, on the back of a 3.4-percent rise in billed volume and 2.8-percent inflationary tariff adjustment.  

Construction unit D.M. Consunji Inc. booked a 36-percent year-on-year increase in net income share from to P676 million following higher accomplishment in building projects and the realization of variation orders from projects nearing completion.

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