[ manilastandardtoday.com ] April 28, 2010
DMCI Holdings Inc., the listed holding company of the Consunji family, said net income in 2009 grew by threefold to P4.7 billion from P1.68 billion in 2008 on strong showing of the company’s core businesses.
DMCI Holdings said in a filing with the Philippine Stock Exchange that consolidated revenues rose 38 percent to P29.7 billion from P21.1 billion a year ago, boosted by higher sales of water, construction, real estate and mining units.
Maynilad Water Services Inc., a joint venture with Metro Pacific Investments Corp., contributed P1.6 billion to the company’s total operations from just P30 million in 2008 on higher billed volumes and tariff.
The company said the water operating efficiencies of Maynilad improved as billed volumes grew 11.3 percent despite a slight dip in water supply. Non-revenue water slid to 59.67 percent from 63.81 percent in 2008.
The company’s construction business also doubled its net contributions to P794 million from P394 million a year ago. Construction of local buildings and infrastructure projects boosted the business while offshore works sustained the steel fabrication sector.
DM Consunji Inc., the company’s construction unit, registered net contributions of P500 million, up 2.5 times from P201 million in 2008, as construction works from new big-ticket projects were started and realized in 2009.
AG&P, the steel fabrication subsidiary of the company, posted a growth of 51 percent in net contributions from P193 million in 2008 to P292 million in 2009.
DMCI Holdings in early 2008 wanted to sell AG&P but the plan did not materialize due to the difficult economic environment. The company, instead, fully supported AG&P in 2009 with hopes of renewing and improving its business to become a fully contributing subsidiary.
The property unit posted a 48- percent increase in net contributions to P1 billion from P748 million as housing sales reached P6.96 billion from P4.7 billion a year ago.
The coal mining business, now operated by DMCI Holdings’ Semirara Mining Corp., more than doubled the income to P1.7 billion from P796 million. Sales volume rose 35 percent to 4.5 million metric tons from 3.3 million MT as coal exports reached new highs. Coal prices slightly improved by 2 percent despite a 17-percent increase in composite domestic prices.
Coal revenues jumped 37 percent to P11.6 billion in 2009 from P8.4 billion a year ago. Jenniffer B. Austria
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