Vol. XXI, No. 206 [ Business World Online ]
Wednesday, May 21, 2008 | MANILA, PHILIPPINES
FIRST-QUARTER profits of Consunji-led DMCI Holdings, Inc. plunged from a year earlier, when its water unit experienced one-time gains.
In a report to the exchange, the holding firm said its net income had dropped by 68% to P107 despite continued growth in its construction, real estate and coal mining businesses.
Real-estate unit DMCI Homes posted a 42% hike in profit during the period, driven by a third of growth in revenues as a result of increased sales and higher selling prices of new projects.
Sales from new projects — Alta Vista Boracay, Manors at Celebrity Place, Raya Gardens, Rosewood Pointe and Riverfront Residences — accounted for almost three-quarters of real estate sales booked during the quarter.
The construction business, through D.M. Consunji, Inc., more than doubled its revenues, while profit went up by 264%.
Meanwhile, coal miner Semirara Mining Corp., one of its only two listed subsidiaries on the exchange, improved its earnings to P139.91 million for the first quarter. But Maynilad Water Services, Inc., its joint venture with Metro Pacific Investments Corp., widened its net loss to P241 million from only P172 million a year earlier.
Also yesterday, casual dining company Pancake House, Inc.’s net income fell by 3% to P14 million in the first quarter due to rising raw materials costs. The combined earnings of brands Pancake House and Dencio’s went down by almost half to P5.2 million, but Japanese-themed Teriyaki Boy was up by P13 million. Aside from these brands, Pancake House also owns boxed Chinese food server Singkit.
Consolidated revenues for the period surged by 17% to almost half-a-million pesos following the opening of new outlets. As of March, the group had 157 outlets from 122 a year earlier. In February, Pancake House bought cafe and bakery brand Le Coeur de France for P105 million. It has 13 stores in Metro Manila, contributing P26.46 million in revenues in the first two months.
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