Diversified engineering conglomerate DMCI Holdings Inc. on Wednesday reported its highest quarterly net income at P11.3 billion, up 165 percent from P4.3 billion in the same period last year.
The firm controlled by the Consunji family, in a disclosure to the stock exchange, attributed the company’s strong first-quarter net income to the positive contribution from coal, nickel mining and power businesses.
Consolidated core net income, which excludes non-recurring gain of P179 million last year mainly from the deferred tax re-measurement impact of CREATE Act on Maynilad Water Services Inc.’s service concession asset and a P12-million gain on sale of land of DMCI Homes, surged by 177 percent to P11.3 billion from P4.1 billion.
“Semirara exceeded our expectations while DMCI Mining and DMCI Power both grew double-digits,” said DMCI Holdings chairman and president Isidro Consunji.
“But our construction and real estate businesses are showing signs of slowdown because of knock-on effects of the pandemic and Russia-Ukraine war,” he said.