DMCI earnings rise to P9.9 B

MANILA, Philippines - DMCI Holdings Inc. reported a consolidated net income of P9.9 billion in the first nine months of the year, up 31 percent from the P7.5 billion earned in the same period a year ago.

Excluding the one-time gain, core net income of the Consunji-led holding firm grew 24 percent to P9.3 billion.

The one time gain came from DMCI’s sale of its stake in Private Infra Dev Corp. to San Miguel Corp.’s  Rapid Thoroughfares Inc.

PIDC is the concessionaire for the Tarlac-Pangasinan La Union Expressway.

DMCI chairman and president Isidro Consunji attributed the increase in net income to strong contributions from the holding firm’s coal energy, real estate, off-grid power, construction and water distribution businesses.

“Despite challenging market and operating conditions, our investments delivered robust growth during the first nine months of the year. We are focused on sustaining this momentum to achieve our full year profit target of P12 billion,” he said.

Consolidated core EBITDA improved by 36 percent to P18.7 billion from P13.7 billion the previous year, while earnings per share swelled 31 percent to P0.74.

By business segments, Semirara Mining and Power Corp. contributed P3.5 billion to DMC’s bottom line.  This is higher by 59 percent compared to the P2.2 billion declared last year as sales of its power generation segment improved.

DMCI Homes, meanwhile, contributed P2.7 billion, a four percent uptick from the previous year owing to higher recognized revenues from completed high-rise projects in the first quarter.

Higher billed volume and improved operational efficiency pushed up the profit contribution of affiliate Maynilad Water Services to P1.7 billion or an increase of 25 percent.

On the other hand, Income contributions from DMCI Mining fell 26 percent to P643 million.