DMCI’s 9-month net beats prepandemic earnings
Consunji-led conglomerate DMCI Holdings Inc. posted P13.5 billion in net profit in the first nine months, about 3.5 times better than the year-ago level and even exceeding the company’s prepandemic full-year earnings.
Driven by buoyant coal, nickel and electricity prices, the rebound of its real estate business and the turnaround of its construction arm, DMCI’s nine-month profit already overshadowed the P10.53-billion net profit delivered for the whole of 2019, or prior to the COVID-19 pandemic.
This earnings level accounted for about 121 percent of the P11.18-billion profit that market consensus expects DMCI to deliver for the full year.
For the third quarter alone, net profit hit P4 billion, surging by 113 percent year-on-year. This, however, was lower than the second quarter net of P5.23 billion.
Three-month revenue rose by 46 percent year-on-year to P26.4 billion.
“This is our highest third-quarter revenue ever. If current market and operating conditions continue for the rest of the year, we expect our fourth quarter results to be even better,” DMCI Holdings chair and president Isidro Consunji said in a disclosure to the Philippine Stock Exchange. INQ
The business headlines in under one minute
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.