DMCI Homes prepares for bounce back

MANILA, Philippines — DMCI Homes is preparing to stage a “strong bounce back” with the completion of 10 building towers by year-end.

The mid-income segment developer said the 10 projects have a total sales value of P13.9 billion, with a combined 4,088 residential units.

The company said over 3,500 of the units have been sold out.

The 10 buildings are part of Mulberry Place, Lumiere Residences, Calathea Place, Sheridan Towers, Alea Residences, and Oak Harbor Residences.

DMCI Homes’ net income jumped by 68 percent in the third quarter to P1 billion from P626 million in the same period last year mainly due to lower construction costs.

In the nine months ending September, however, the company recorded a 23-percent year-on-year drop in consolidated revenues to P11.3 billion.

Its earnings fell by 73 percent from P1.9 billion to P505 million during the nine-month period due to the combined effect of lower construction accomplishments and one-time losses from sales cancellations for a project.

“The pandemic really battered our productivity. Our projects got delayed by one to three months because of the 76-day work stoppage in the first semester,” DMCI Homes president Alfredo Austria said.