• DMCI Holdings posts 21% hike in Jan-June earnings

DMCI Holdings Inc., an infrastructure and engineering conglomerate by the Consunji family, reported a 21 percent jump in first-half earnings to P9.2 billion, buoyed by higher contributions from its real estate, coal mining, construction, nickel mining and water businesses.

In a briefing Monday night, DMCI chairman Isidro Consunji said the housing business was particularly strong, as demand remained robust despite rising costs.

DMCI’s power subsidiaries, however, suffered from unplanned and prolonged outages.

“All of our businesses fared well except for our power subsidiaries. The unplanned and prolonged outages of Sem-Calaca Power Corp. and Southwest Luzon Power Generation Corp. cut into the profitability of Semirara Mining and Power Corp. (SMPC),” Consunji said.

DMCI registered consolidated revenues of P44.2 billion, a 19 percent jump from P37.1 billion in the same period last year.

For the second quarter alone, the holding firm posted a net income of P5 billion, up 38 percent year-on-year as consolidated revenues surged 31 percent to P23.9 billion.

Excluding a P715 million one-time gain on sale of an undeveloped lot by DMCI Homes and P69 million one-time refinancing cost of Maynilad, the company’s core net income rose 10 percent to P8.6 billion. Core net earnings climbed 16 percent to P4.2 billion.

Excluding the one-time gain of P715 million, DMCI Homes contributed P1.7 billion to earnings, up seven percent from the year ago. This was fuelled by a 12 percent growth in revenue and four percent hike in reservation sales.

SMPC showed a three percent uptick in net income contribution to P4.6 billion due to higher coal sales and coal prices.

Net income contributions from affiliate Maynilad Water Services Inc. grew 16 percent to slightly over P1 billion.

Construction arm D.M. Consunji, meanwhile, booked a 36 percent year-on-year increase in net income share to P676 million due to higher accomplishment in building projects.

On the other hand, off-grid energy supplier DMCI Power Corp. contributed P214 million to net earnings, down from six percent mainly due to the lower-than-expected provisional tariff granted to its Aborlan power plant in Palawan.

“DMCI Power continues to implement a lower provisional tariff for its Aborlan power plant because its motion for recomputation is still under review with the Energy Regulatory Commission (ERC),” Consunji said.

Net earnings of DMCI Mining Corp., meanwhile, surged 309 percent to P221 million, fueled by higher shipments from the old stockpile and shipment of more high-grade nickel ore.

Other income more than doubled to P88 million because of higher interest income.