DMCI nets P1.2B in Q1

MANILA, Philippines - Consunji-led DMCI Holdings Inc. said its first quarter earnings plunged due to the absence of gains from its sale of a stake in a water distributor.

The company said its first quarter net income reached P1.2 billion, down 74 percent from P2.59 billion a year ago.

But core income, which excludes one-off items like gains from an asset disposal, spiked 40 percent to P2.59 billion from P1.85 billion, DMCI Holdings said. It was driven by a slight increase in revenues to P13.07 billion from P12.86 billion.

Mining unit Semirara Mining Corp. more than doubled its earnings to P2.02 billion in the first quarter from P1 billion a year ago. The coal mining business recorded a 78-percent surge in revenues to P4.77 billion from P2.67 billion, offsetting the 37-percent drop in power revenues to P1.86 billion from P2.99 billion.

The company is boosting its authorized capital stock to P20 billion divided into 19.9 billion common shares and 100 million preferred shares with a par value of P1 each, from the current P6 billion divided into 5.9 billion common shares and 100 million preferred shares.

Subject to stockholders’ approval and ratification at the annual meeting on Aug.  5, the company’s board approved the declaration of stock dividends amounting to P10.62 billion, divided into 10.62 billion common shares at the par value of P1 per share, or four common shares for every one common share held,” DMCI Holdings said.

The company declared yesterday a P1.2 per share cash dividend valued at P3.18 billion and a special cash dividend of P1.2 apiece or another P3.18 billion, which will be sourced from the unrestricted retained earnings of the corporation.

Stockholders as of May 30 will receive the cash dividends on June 13.

Aside from power generation, mining and water distribution, DMCI Holdings is also into property development (DMCI Homes) and construction (D.M. Consunji Inc.), the contractor for the P15-billion NAIA Expressway project and the MRT-7 project.