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Thursday, March 28, 2024

DMCI book orders drop on bidding slowdown

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D.M. Consunji, Inc., the construction arm of DMCI Holdings Inc., reported a moderate decline in its order book on the slowdown in project bidding and contract awarding from the public and private sectors.

DMCI Holdings said in a disclosure to the stock exchange Thursday that its order book declined by 8 percent in the first nine months to P45.3 billion from P49.3 billion as of the end of 2021.

DMCI bagged P8.4 billion worth of contracts and P1 billion in change orders in the nine-month period versus the P13.3 billion in construction accomplishments.

“We expect formidable headwinds over the medium-term on persisting high inflation, rising interest rates, and anemic demand for commercial and office spaces,” said DMCI president and chief executive Jorge Consunji.

“Public infrastructure projects could provide some upside, but it would still depend on the rollout strategy and spending priorities of the national government,” he said.

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