Business World Online
Posted on May 20, 2013 11:17:31 PM
DMCI Holdings, Inc. saw profits jump threefold in the first quarter on the back of a one-time gain from the sale of its stake in a water distribution utility, the conglomerate said in a disclosure yesterday.
Net income of the holding firm of the Consunji family ballooned to P10.65 billion in January-March from P3.44 billion in the same three months last year.
“The one-time gain from the partial sale of the water business buoyed up consolidated net income after non-controlling interests for the period,” the company said.
MCNK JV Corp., a unit of Japanese firm Marubeni Corp., acquired DMCI Holdings’ 20% stake in Maynilad Water Services, Inc. last February. The deal was valued at P8.35 billion, the disclosure noted.
The transaction, according to the disclosure, reduced DMCI Holdings’ effective interest in the water distributor was to 25.24% from 40.98%.
The company’s core net income, however, dropped by 31% to P1.86 billion from P2.67 billion, due to “significant drops in coal, nickel and general construction.”
The company said its coal mining business booked P85 million in losses, a turnaround from the P650-million income last year, while its nickel mining business earned only P2 million from P269 million last year, its financial report showed.
Semirara Mining Corp., DMCI Holdings’ corporate vehicle for mining operations, stopped operations in February following a landslide in its open-pit mine in Antique, which claimed the lives of five workers. Semirara resumed partial operations in the northern portion of the mine last month.
The construction business contributed P84 million, down 70% from P282 million. “This is a result of the lower margins realized from the recently completed and ongoing building projects and variation orders awaiting approval as of reporting date,” the company said.
The water distribution business contributed P539 million to DMCI, down by 12% from P611 million last year “due to lower effective interest.”
The real estate business meanwhile contributed P636 million, 57% up from P405 million last year. “Sustained demand for condominium units coming mainly from new projects: Levina Place and Verawood in Taguig and Torre de Manila in Manila pushed sales take-up higher,” the company said.
Total revenues dropped by 1.08% to P12.87 billion in the first quarter from P13.01 billion on lower sales of coal and nickel ore.
Cost of sales and services increased by 8.98% to P9.58 billion from P8.79 billion year-on-year.
DMCI Holdings was incorporated in 1995 as a holding company to consolidate the Consunji family’s businesses, component companies, and related interests, including investments in construction and mining. Its shares added P1 to close at P59 apiece yesterday. -- Cliff Harvey C. Venzon source
“The one-time gain from the partial sale of the water business buoyed up consolidated net income after non-controlling interests for the period,” the company said.
MCNK JV Corp., a unit of Japanese firm Marubeni Corp., acquired DMCI Holdings’ 20% stake in Maynilad Water Services, Inc. last February. The deal was valued at P8.35 billion, the disclosure noted.
The transaction, according to the disclosure, reduced DMCI Holdings’ effective interest in the water distributor was to 25.24% from 40.98%.
The company’s core net income, however, dropped by 31% to P1.86 billion from P2.67 billion, due to “significant drops in coal, nickel and general construction.”
The company said its coal mining business booked P85 million in losses, a turnaround from the P650-million income last year, while its nickel mining business earned only P2 million from P269 million last year, its financial report showed.
Semirara Mining Corp., DMCI Holdings’ corporate vehicle for mining operations, stopped operations in February following a landslide in its open-pit mine in Antique, which claimed the lives of five workers. Semirara resumed partial operations in the northern portion of the mine last month.
The construction business contributed P84 million, down 70% from P282 million. “This is a result of the lower margins realized from the recently completed and ongoing building projects and variation orders awaiting approval as of reporting date,” the company said.
The water distribution business contributed P539 million to DMCI, down by 12% from P611 million last year “due to lower effective interest.”
The real estate business meanwhile contributed P636 million, 57% up from P405 million last year. “Sustained demand for condominium units coming mainly from new projects: Levina Place and Verawood in Taguig and Torre de Manila in Manila pushed sales take-up higher,” the company said.
Total revenues dropped by 1.08% to P12.87 billion in the first quarter from P13.01 billion on lower sales of coal and nickel ore.
Cost of sales and services increased by 8.98% to P9.58 billion from P8.79 billion year-on-year.
DMCI Holdings was incorporated in 1995 as a holding company to consolidate the Consunji family’s businesses, component companies, and related interests, including investments in construction and mining. Its shares added P1 to close at P59 apiece yesterday. -- Cliff Harvey C. Venzon source
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