DMCI earnings up 36% to P676 M

D.M. Consunji Inc. (DMCI), the construction arm of engineering conglomerate DMCI Holdings, posted a net income of P676 million in the first half, 36 percent higher than the previous year.

Revenues grew 13 percent to P7.2 billion, driven by the performance of the building and infrastructure business units as well as the increase in the number of completed projects.

DMCI president and chief executive Jorge Consunji said the company expects to sustain growth.

Revenues from the buildings segment jumped 48 percent as more projects were completed.

“Better performance is expected from the business unit due to ongoing projects, as well as newly-awarded projects that will commence later this year. The building business unit also continues to actively participate in ongoing bids and negotiations,” the company said.

Infrastructure, on the other hand, saw a nine percent drop in revenue from a year ago due to delays brought about by right-of-way issues.

The energy business unit likewise generated higher revenues due to the commencement of the JG Summit Petrochemical expansion, which was awarded at the beginning of the year.

Furthermore, the ongoing bids and negotiations of privately-funded projects, and the government’s rollout of the Build Build Build program, will help the company increase its order booking for next year, Consunji said.

The utilities and plants business unit also experienced a drop in revenue due to delays in the award of bidded projects early this year.

“Overall, we still maintain a positive outlook for D.M. Consunji, Inc. for the second semester,” Consunji said.

“We intend to be one of the major players participating in the rollout of infrastructure projects under the Build Build Build program of the government, as well as in private construction projects,” he added.