DMCI profit slips to P15.1 billion in 9 months

MANILA, Philippines — Weaker contributions from the integrated energy, real estate and nickel businesses pulled down earnings of DMCI Holdings in the nine months ending September.

The diversified engineering conglomerate of the Consunji family posted a net income of P15.1 billion from January to September, down by 23 percent from last year’s P19.6 billion.

DMCI said stronger contributions from its water utility, off-grid power generation and construction segments partially offset the decline from its integrated energy, real estate and nickel businesses during the period.

Despite the decline, DMCI said its net income remains 62 percent higher than the pre-pandemic level of P9.3 billion in the nine-month period of 2019 and 12 percent above the pre-global energy crisis level of P13.5 billion during the first three quarters of 2021.

“Each of our businesses has been affected differently by the new normal in an increasingly complex environment,” DMCI chairman and president Isidro Consunji said.

“We are working hard to strengthen our group’s ecosystem, enhance operational efficiency to address macroeconomic challenges and weaker commodity prices and effectively protect our margins,” he said.

For the third quarter, DMCI saw a three-percent increase in its net income to P4 billion from P3.9 billion in the same period in 2023.

Semirara Mining and Power Corp.’s attributable net income contribution declined by five percent to P1.8 billion during the quarter mainly due to weaker coal selling prices.