DMCI Holdings’s 1st semester net profit grows by 26% to P5.3B

MANILA, Philippines — Consunji-led DMCI Holdings improved its first semester net profit by 26 percent year-on-year to P5.3 billion as higher revenues from mining, real estate, electricity and water made up for the slack in its traditional construction business.

“Despite a slight dip in general construction and the non-inclusion of the steel fabrication business, significant growth in the coal and nickel mining segments along with the sustained improvement in the real estate, water and power segments caused the increase in the company’s bottom line,” the company reported to the Philippine Stock Exchange on Monday.

Mining was noted as the main driver of the profit growth in the first half, which was in turn attributed to higher coal prices and the improved operations in the direct shipping of nickel ore.

Net income from coal sales surged by 160 percent to P1.82 billion from a year ago while nickel ore sales also jumped by 166 percent to P342 million from a year ago.

The real estate and power sectors contributed P845 million and P850 million, respectively, which were up by 11 percent and 16 percent.

The water business via its equity interest in Maynilad Water Services Inc. contributed P946 million in net income, up by 4 percent.

This year also marks the non-inclusion of Atlantic Gulf & Pacific Company of Manila, Inc., the company’s previously owned steel fabrication, which was sold in December 2010.