DMCI profit up 61% in Q1
By Doris C. DumlaoPhilippine Daily Inquirer
MANILA, Philippines—Consunji-led DMCI Holdings Inc. grew its first-quarter consolidated net profit by 61 percent year on year to P2.2 billion on the back of robust coal mining operations of subsidiary Semirara Mining Corp.
The contribution of mining to DMCI’s net income attributable to parent equity holders amounted to P936 million for the quarter, up by 194 percent from a year ago.
DMCI owns 56 percent of Semirara, whose coal mining business benefited from higher coal prices and improved operations.
Semirara reported an improvement in its first-quarter figures with net contribution of P739 million for coal mining and P262 million for power generation in 2011, compared to P312 million and P57 million respectively in 2010.
In a regulatory filing, DMCI reported that sustained improvement in the real estate, water and power segments also boosted its first-quarter bottom line, making up for the slack in the construction business.
DMCI’s interest in water concessionaire Maynilad Water Services, as a partner of the Metro Pacific group, also yielded P498 million in net profit contribution for the first quarter, up by 27 percent from a year ago.
On the other hand, the construction business contributed P362 million in net profit, down by 7 percent from a year ago as there were no additional projects worked on early in the year.
Much of its revenue came from work involving the Skyway Extension project and the continuing activity from the 168 Residences and Raffles Hotel.
“These projects contributed … But with no new contracts to realize, construction revenue and income marginally fell,” DMCI reported.
Meanwhile, its real-estate and power businesses contributed net profits of P224 million and P262 million, respectively, up by 35 percent and 719 percent from their respective levels a year ago.
DMCI’s real-estate business is focused purely on residential development through wholly owned subsidiary DMCI Project Developers Inc. Realized housing sales for the period grew by 52 percent to P1.1 billion this year from a year ago.
First-quarter sales and reservations for the period also increased by 41 percent to P5.4 billion.
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Tags: Business , DMCI , Earnings , mining , Real Estate , Semirara
