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DMCI’s nine-month earnings triples to P13.5 billion

DCMI's-earning-triples

DMCI Holdings Inc., the Consunji-led listed engineering conglomerate, has more than tripled its nine-month consolidated income to P13.5 billion from P3.9 billion a year ago.

This was on the back of consolidated revenues of P82 billion, an all-time high which reflected an 82-percent upturn from P44 billion last year.

Consolidated core net income would have soared 173 percent to P12.3 billion during the nine-month period from P4.5 billion if not for a nonrecurring loss of P592 million last year due mainly to sales cancellations for a DMCI Homes project and a nonrecurring gain of P1.2 billion from the re-measurement of deferred tax liabilities as a result of the CREATE law and sale of a lot.

DMCI chairman Isidro Consunji said consolidated revenues skyrocketed on the strong rally of coal, nickel and electricity prices, coupled with the steady increase in construction accomplishments.

For the third quarter alone, DMCI Holdings saw its consolidated net income and core earnings grow 113 percent to P4 billion from P1.9 billion, as revenues for the period rose by 46 percent to P26.4 billion.

“This is our highest third-quarter revenue ever. If current market and operating conditions continue for the rest of the year, we expect our fourth quarter results to be even better,” Consunji said.

Semirara Mining and Power Corp.’s net income contribution surged 252 percent to P6 billion during the nine-month period because of higher coal shipments and average selling prices for coal and electricity.

DMCI Homes contributed P3.2 billion in core earnings, up 199 percent from P1 billion on the back of higher construction accomplishments as a result of more projects.

Contribution from DMCI Mining likewise expanded by 290 percent to P983 million on higher selling prices, shipment, and production.

D.M. Consunji Inc., the construction arm, recorded a net income contribution of P585 million, a turnaround from the P97 million net loss a year ago, owing to higher construction accomplishments and minimal COVID-19 costs.

DMCI Power grew its net income contribution by six percent to P428 million as electricity sales and average selling price rose.

However, sluggish billed volume and lower average effective tariff as a result of quarantine restrictions pulled down Maynilad’s nine-month net income contribution by eight percent to P1.1 billion.

Source: https://www.philstar.com/business/2021/11/10/2140149/dmci-triples-9-month-earnings-p135-billion

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