DMCI nets P12.3B
CONSUNJI-led conglomerate DMCI Holdings posted a 20-percent growth in core net profit last year to P12.3 billion led by the double-digit growth in earnings from its power generation, property, water and construction businesses.
“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,” said DMCI chair and president Isidro Consunji.
Including non-recurring items, DMCI’s consolidated net income rose by 19 percent to P12.8 billion last year. This was as the conglomerate booked a P530 million one-time gain on sale of its 25 percent share in Private Infra Dev Corp., the project proponent and operator of the Tarlac-Pangasinan-La Union Toll Expressway (TPLEX). The stake in the tollroad was sold to San Miguel Corp.
Higher profits from energy generation fuelled an 18-percent increase in net income contribution from Semirara Mining and Power Corp. to P4.8 billion last year.
As middle-income developer DMCI Homes recognized revenues from previous sales of completed high-rise projects, its net income contribution improved by 11 percent to P3.6 billion. Excluding the effect of a gain on sale of undeveloped lot in 2014, net income actually rose by 18 percent compared to last year.
On the water utility business, continued improvement in operational performance and a 4 percent increase in billed volume in 2015 pushed net earnings contribution of affiliate Maynilad Water Services Inc. to grow by 17 percent to P2.3 billion. DMCI has a 25.24 percent economic interest in Maynilad.
Better gross profit margins from ongoing projects in 2015 drove the net income contributions of D. M. Consunji Inc. to P628 million, up by 35 percent from the previous year.
Net income contribution from DMCI Mining Corp. expanded by 38 percent to P501 million. Higher sales volume and streamlined operating costs helped mitigate the impact of declining nickel ore prices on the company’s bottomline.
Meanwhile, off-grid energy supplier DMCI Power Corp. contributed P382 million, a 57 percent improvement from the previous year. The upsurge was attributed oo the increased energy dispatch of its power plants in Palawan, Masbate and Oriental Mindoro.
