THE ConsuNji family-owned DMCI Holdings Inc. saw its January to September net income shrink by almost 50 percent on the absence of extraordinary gain after it sold part of its stake in Maynilad Water Services Inc.
In a disclosure to the Philippine Stock Exchange, the company said its net income for the first nine months dropped to P7.54 billion from last year’s P16.39 billion.
This was due to the absence of an extraordinary one-time gain, which the company obtained last year when it sold 16 percent of its interest in Maynilad to a unit of Marubeni Corp.
“Last year, net income included the P8.35-billion in one-time gain from the sale of 16 percent of Maynilad. For the three quarters this year, profit is slightly lower than last year’s core income [excluding the one-time gain],” Isidro Consunji, the newly-elected chairman of DMCI, told The Manila Times in a text message.
Revenues for the nine-month period increased to P45.85 billion from P41.15 billion a year ago on sustained growth in its businesses.
DMCI’s stake in Maynilad dropped to 25.24 percent, from 40.98 percent, after it sold 16 percent of its Maynilad interest to the Marubeni subsidiary.
The sale is projected to reduce the company’s core net income in 2014 to P10 billion from last year’s P10.58 billion.
Incorporated in 1995, DMCI holds the Consunji Group’s real estate and construction business (DMCI Project Developers Inc.), coal mining and exploration (Semirara Mining Corp.), power generation (DMCI Power Corp.) and coal and nickel ore exploration (DMCI Mining Corp). Kristyn Nika M. Lazo