DMCI Holdings Inc. said on Friday that net income rose by almost a fifth last year as most of its key businesses performed stronger during the period, including its mining operations.
The company said net income in 2015 grew 19 percent to P12.83 billion from the P10.77 billion posted in 2014.
The net income includes a one-time gain of P530 million derived from the sale of its 25 percent share in Private Infra Dev Corp., the project proponent and operator of the Tarlac-Pangasinan-La Union Toll Expressway.
“Our growth was driven by the strong performance of all our investments. Despite weak commodity prices and project execution delays, we were able to meet our profit guidance for the year,” DMCI chairman and president Isidro Consunji said.
Core net income increased 20 percent to P12.3 billion from P10.25 billion in the previous year, while revenue rose to P57.2 billion from the previous year’s P56.56 billion.
Net income contributions from Semirara Mining and Power Corp. were up 18 percent at P4.8 billion, driven by higher profits from energy generation.
Middle-income developer DMCI Homes continued to deliver robust growth as sales from completed high-rise projects were recognized.
Contribution from the property development business improved 11 percent to P3.6 billion from P3.2 billion in 2014. Excluding the effect of a gain on the sale of an undeveloped lot in 2014, net income actually rose by 18 percent from the previous year.
Further, DMCI said continued improvement in operational performance and a 4 percent increase in billed volume in 2015 pushed net earnings contribution of affiliate water concessionaire Maynilad Water Services Inc. to grow by 17 percent to P2.3 billion from P2 billion in 2014.
Better gross profit margins from ongoing projects drove the net income contributions of its parent company, D. M. Consunji Inc., to P628 million, up 35 percent from the previous year.
In addition, net income contributions from DMCI Mining Corp. expanded 38 percent to P501 million, while higher sales volume and streamlined operating costs helped mitigate the impact of declining nickel ore prices on the company’s bottom line.
Its off-grid power supplier business DMCI Power Corp. contributed P382 million, a 57 percent improvement from P243 million the previous year. The rise was due to the increased energy dispatch of its power plants in Palawan, Masbate and Oriental Mindoro.
The company said it is in the process of liquidating ENK Plc., its firm in the United Kingdom.
“The transaction is part of the ongoing restructuring of the Company’s nickel mining subsidiaries in order to simplify the structure of the nickel segment and liquidate non-operating subsidiaries,” it said.