DMCI profit rises 590%

By Malaya Business Insight May 13, 2021

https://malaya.com.ph/index.php/news_business/dmci-profit-rises-590/

 

DMCI Holdings Inc. recorded a 590-percent increase in profit in the first quarter of the year to P4.3 billion from just P616 million last year.

The company said income drivers were DMCI Homes and Semirara Mining and Power Corp. (SMPC) who delivered “exceptional performances.”

“Excluding a non-recurring loss of P414 million last year due mainly to sales cancellations for a DMCI Homes project and a non-recurring gain of P167 million owing to deferred tax remeasurement impact of CREATE (Corporate Recovery and Tax Incentives for Enterprises) Law on Maynilad’s service concession asset and a P12 million gain on sale of land of DMCI Homes this year, consolidated core net income surged 295 percent from P1 billion to P4.1 billion,” the company said.

“We had a better-than-expected Q1 because of higher construction accomplishments and better coal sales. With the exception of Maynilad, all of our businesses also did very well” added Isidro A. Consunji, DMCI Holdings chairman.

Consunji said the group’s performance in the next quarters will largely depend on how the prices of coal, nickel and electricity will fare. “We also expect some operational headwinds for SMPC given the abnormal water seepages at Molave North Block 7 and the forced plant outages,” he added.

DMCI Homes posted a core profit contributions of P1.6 billion, reversing from a P197 million loss last year. Net income contributions from SMPC hit P1.3 billion, more than double the P623 million last year.