Weak energy, real estate, mining pull down DMCI profit

The weaker performance of its energy, real estate and mining subsidiaries pulled down the first-semester profit of Consunji-led DMCI Holdings Inc. by 29 percent to P11.1 billion.

In a stock exchange filing on Tuesday, DMCI said there were reduced contributions from the coal mining, on-grid power and construction subsidiaries, along with a net loss in the nickel mining business.

This was partially offset by improvements in its water and off-grid power segments, DMCI said.

In the second quarter alone, the engineering conglomerate’s net income fell by 32 percent to P5.5 billion.