Published
By James A. Loyola
D.M. Consunji, Inc.
(DMCI), the construction arm of DMCI Holdings, Inc., recorded a 33 percent jump
in net income to P335 million in the first quarter of 2018 from P251 million in
the same period last year.
The firm said “the
higher than expected performance is due mainly to accounting and work-related timing
issues, which will normalize in the coming quarters.”
Revenues increase 11
percent year on year from P3.1 billion to P3.5 billion mainly driven by
building contracts, as infrastructure projects suffered delays resulting from
unresolved right of way issues.
DMCI said revenues from
high-rise building projects surged 52 percent from P1.1 billion to P1.7 billion
while infrastructure projects dipped 5 percent to P883 million compared to P930
million during the same quarter last year.
Plant and utilities
contracts dropped 32 percent from P459 million to P313 million while Energy
projects declined 18 percent to P199 million from R244 million. Other project
support businesses slid 12 percent to P244 million compared to P276 million
last year.
“The strong domestic
economy is driving the property development sector and we expect to bag more
building contracts in the coming quarter. New plant projects will also boost
our order book,” said DMCI President Jorge A. Consunji.
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