DMCI income surges 68% to P1.74B in 9 months

DMCI  Holdings Inc., the listed holding firm of the Consunji family, posted a net profit of P1.735 billion in the nine months ending September this year up by 68.45 percent over the P1.03 billion recorded last year. The increase was attributed mainly to the record-breaking sales performance of the group’s real estate unit and contributions from its water business.

In its financial report filed with securities regulators, DMCI said sales grew 34 percent to P9.29 billion, from P6.94 billion a year earlier.

The impressive nine-month performance was achieved despite a slow third quarter which saw the company  incurring  a net loss of P322.47 million  as against a net profit of P185.77 million the same period a year ago. This despite an increase in sales by 70 percent from P2.04 billion to P3.47 billion.

DMCI-MPIC Water Co., Inc., the joint venture between DMCI and Metro Pacific Holdings Inc., registered a net income of P3.23 billion, which includes, aside from the P1.14- billion recurring earnings from Maynilad, a non-recurring negative goodwill worth P3.323 billion and P1.262 billion of other costs from interest expenses, bidding and transaction costs, and foreign exchange losses.

DMCI said that while its coal mining business experienced major improvements in sales, the increase was offset by the effective reduction in prices from the depreciation of the dollar  and the initial low prices of coal exports which resulted in a one percent decline in coal income despite better coal deliveries.

Coal unit Semirara Mining Corp., reported a slight drop in net income to P565.04 million from P571.21 million even as its revenues rose 25 percent to P4.66 billion. Semirara has started supplying coal to China, India, and Hong Kong.

 As for its real estate business, DMCI said wholly-owned unit DMCI Project Developers, Inc. continued to experience record-high operations for the period and quarter due to strong demand for housing.

PDI’s earnings reached P583 million or more than 14 times the P41 million profit registered a year earlier, on the back of higher sales from its residential projects.

PDI has been actively launching new projects — the Raya Gardens Condominiums, a combination of high rise and medium rise development located in the West Service Road, Barangay Merville, Parañaque; Rosewood Pointe, a combination of medium and high rise structures located in Taguig; The Manors, a mixed town house-medium rise community located adjacent to the Celebrity Sports Plaza in Loyola Heights, Quezon City. These projects had contributed a combined P986 million in revenues.

Other projects that were either newly launched or will be launched in the near future are : Alta Vista, a condotel project located in pristine Boracay Island; Tivoli Gardens, another residential community development located in the Makati-Mandaluyong area; and Riverfront Residences, a joint venture housing project with Equitable PCI Bank, now Banco De Oro Universal Bank, located in the Pasig-Marikina boundary; and Cypress Towers, another high-rise condominium joint venture project with Crown Equities, Inc. located along C-5 road in Taguig.

As regards its construction business, DMCI through D.M. Consunji Inc. registered an income of P344 million during the nine-month period, up 20 percent due to increased construction activity from outside contracts and jobs provided by the water business.