DMCI confident on hitting P12.7-B profit goal

MANILA, Philippines - The Consunji-led DMCI Holdings Inc. is hopeful of meeting its P12.66 billion net income target for the year, according to its top official.

On the sidelines of the company’s annual stockholders meeting yesterday, DMCI chairman and president Isidro A. Consunji said first half core unaudited net profit was estimated at P6 billion on the back of the strong performance of its power, real and water businesses.

However, DMCI has yet to report the final figures, he said.

In his message to stockholders, Consunji said while the company is facing challenges, with construction and power businesses’ performance at below expectations last year, the rest of the group’s companies delivered exceptional results.

Nevertheless, he said the group would continue its efforts to further improve its financial position which has led to economic growth, more jobs and better living conditions for millions of Filipinos.

In the area of power, Semirara Mining & Power Corp., the Philippines’ biggest coal miner, is building its power capacity to 1,200 megawatts in the next three to four years, he said.

“It will be around 1,200 MW in 42 months. Semirara will add at least 650 MW of capacity in the next four to five years,” he said.

Semirara is also  building a 300 MW power plant in Batangas.

“The new 2x150 MW power units are expected to operate and start contributing to group earnings by 2015. Last week, we were able to ramp up generation of the first unit to 117 MW. The second unit is now on a trial run,” he said.

Consunji said the company is also in discussions for another 2x350 MW plant within the Calaca complex.  It wants to supply all the coal needs of its expanding power generation portfolio.

Semirara halted its exports of coal to ensure supply for local power generation following the suspension of its mining operations in Antique after a deadly landslide last July 17.