ENGINEERING conglomerate DMCI Holdings Inc. said its net income in the first nine months of the year dipped 6 percent to P9.2 billion on weaker profit contributions from some of its businesses while consolidated revenues were flat at P45.1 billion from P45.6 billion a year ago.
Excluding a one-time gain of P111 million from the sale of its 10 percent stake in Subic Water and Sewerage Company, DMCI’s core net income slipped by 2 percent to P9.1 billion in the period.
“Our earnings results are in line with our forecast,” DMCI Holdings chairman and president Isidro A. Consunji said, noting that the revenue recognition timing issue of DMCI Homes, the income tax holiday expiration of affiliate Maynilad, and the suspension of DMCI Mining’s two operating units weighed on consolidated results.
Profit contribution from Semirara Mining and Power Corp. grew 52 percent to P5.4 billion on higher coal exports, while net income at construction unit D.M. Consunji Inc. more than doubled to P732 million.
Off-grid energy unit DMCI Power Corp. saw profits rise 12 percent to P342 million on higher sales to electricity cooperatives in Calapan, Masbate and Palawan.
On the other hand, DMCI Homes’ net income dropped 63 percent to P1 billion, while profits at DMCI Mining Corp fell 91 percent to P59 million. Profit contributions from affiliate Maynilad Water Services Inc. dropped 11 percent to P1.5 billion, and income of umbrella firm DMCI Holdings and other investments fell 6 percent to P58 million.