By Iris Gonzales (The
Philippine Star) | Updated May 13, 2017 - 12:00am
MANILA, Philippines -
Consunji-led DMCI Holdings Inc. reported a 22 percent jump in its first
quarter net income to P3.7 billion.
In a briefing Thursday night, DMCI
Holdings chairman and president Isidro Consunji attributed the growth to the
strong performance of Semirara Mining and Power Corp.
Excluding a one-time gain of P111
million last year for the partial sale of its stake in Subic Water, DMCI’s core
net income improved 26 percent.
Consunji expects the company to post
stronger growth this year.
“2017 will be a better year for us.
We expect double-digit growth from our energy and real estate companies, and
modest growth from construction and nickel mining” Consunji said.
DMCI’s businesses are in coal,
power, real estate, construction, water and mining.
Semirara Power recorded a 52 percent
hike in profit to P4.42 billion, its highest quarter income to date. This was
driven by a 24 percent increase in coal sales volume and a 41 percent jump in
average coal prices.
As a result, SMPC’s first quarter net
income contribution climbed 53 percent to P2.51 billion and is expected to
account for 60 percent by the end of the year.
On the other hand, DMCI Homes’
income contribution dropped 11 percent because of deferred recognition of
revenues from its high rise projects which normally take three to four years to
complete.
The water utility business under
Maynilad likewise reported a 30 percent drop in net income contribution to P282
million amid delays in the implementation of the rate-rebasing tariff caused operating
expenses to rise faster than revenues from water and sewer services.
Net income contribution from core
investment D.M. Consunji Inc. also declined eight percent to P182 million
because of lower revenues and reduced margins from its infrastructure projects.
Off-grid energy supplier DMCI Power
also recorded an 11 percent decline in earnings contribution to P87 million
following the expiration of its income tax holiday for its Masbate operations.
DMCI Mining returned to
profitability with a P32 million contribution.
In contrast, the nickel segment
incurred a net loss of P100 million due to lower shipment volume and depressed
nickel ore prices.
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