DMCI on track with P12B 2015 profit goal

CONSUNJI-led conglomerate DMCI Holdings is on track to attain P12 billion in core net profit for the full year, about 11 percent higher than the previous year, on strong contribution from the real estate, power, mining and water distribution businesses.

In the first semester, DMCI grew its net profit by 28 percent year-on-year to P6.6 billion, DMCI president Isidro Consunji said in a press briefing on Tuesday.

Consunji said the company had yet to quantify how much the suspension of coal mining operations in Antique would affect full-year earnings. At present, he said subsidiary Semirara Mining & Power Corp. was working with the government to resolve the remaining issues after a portion of the Panian mine in Antique collapsed on July 17 after two weeks of heavy rains.

He said the group was hoping that the Department of Energy would clear the mine for reopening soon. Earlier, the Department of Environment and Natural Resources has restored Semirara’s environmental compliance certificate.

For the first six months, DMCI said revenues had risen by 3 percent year-on-year to P30.5 billion for the first six months while consolidated cash flow as measured by earnings before interest, taxes, depreciation and amortization had expanded by 44 percent year-on-year to P13 billion.

“We delivered a good first half performance and remain on track to meet our profit guidance of P12 billion,” Consunji said.