DMCI Holdings 9-mth net rises 31% to P9.8B

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CONSTRUCTION conglomerate DMCI Holdings Inc. posted a 31-percent increase in consolidated net income in the first nine months of 2015, fueled by bigger gains in its real estate, power, coal, and water distribution segments.

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In a disclosure to the Philippine Stock Exchange on Monday, the publicly listed firm of engineer David M. Consunji’s family, reported a net income of P9.86 billion, up from the P7.5 billion it made a year ago.

DMCI made a one-time gain of P530 million from the sale of the company’s shares in Private Infra Dev Corp. (PIDC) to San Miguel Corp’s Rapid Thoroughfares Inc. But excluding this, DMCI’s core net income in January-September stood 24-percent higher at P9.3 billion than last year’s P7.5 billion.

“Despite challenging market and operating conditions, our investments delivered robust growth during the first nine months of the year,” DMCI Chairman and President Isidro A. Consunji said in a statement. “We are focused on sustaining this momentum to achieve our full-year profit target of P12 billion.”

The group’s real estate unit accounted for the bulk of the company’s net gains. Its mining and power businesses also made positive contributions.

Property subsidiary DMCI Homes posted a net income of P2.7 billion in the nine-month period, 4 percent higher than the P2.6 billion made last year.

The mid- and high-rise homebuilder saw its revenues grow 9 percent to P11.1 billion from P10.1 billion a year ago.

Excluding a one-time gain made last year on the sale of an undeveloped lot, DMCI Homes’ net income stood 12 percent higher, the company said.

Subsidiary Semirara Mining and Power Corp. registered a 59-percent rise in net income to P3.5 billion from P2.2 billion a year ago, as output and sales of the power segment improved.

Semirara’s net income gained despite a 5-percent dip in revenues from P20.5 billion to P19.5 billion.

Another mining arm, DMCI Mining, registered a drop in its nine-month net income by 26 percent at P643 million from the year-earlier P870 million, due to lower nickel prices, higher asset depreciation and depletion, and higher effective tax this year.

Power generation unit DMCI Power’s net income surged 62 percent to P305 million, from P188 million last year, on the back of higher electricity sales in Oriental Mindoro, Masbate and Palawan.

Core construction business DM Consunji Inc. recorded a 3-percent increase in net income to P361 million from P350 million in the corresponding period last year, as margins on approved variation orders of completed works improved.

Water utilities affiliate, Maynilad Water Services Inc., contributed P1.7 billion in net profit, or 25 percent higher than last year’s P1.4 billion, on the back of an increase in billed volume and improved operational efficiency.

Contribution from the DMCI Holdings itself and other investments grew 180 percent to P62 million in the period under review.

Owned 66 percent by the Consunji family and 34 percent by the public, DMCI is engaged in general construction, mining, power generation, infrastructure, real estate development, water concession and manufacturing.

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