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DMCI income soars 79% to P5.8B in 9 months

By Zinnia B. Dela Peña (The Philippine Star) Updated November 22, 2010 12:00 AM
MANILA, Philippines - DMCI Holdings Inc. reported a 79 percent rise in net income in nine months ending September this year to P5.8 billion, mainly driven by higher real estate sales, improved contributions from its coal mining and construction businesses, as well as the inclusion of the operations of the Calaca power plant.
DMCI said contribution from its water business Maynilad Water Services Inc. fell six percent largely due to extraordinary items. Without these items, the water utility’s contribution would have been up 54 percent to P1.5 billion from P965 million.
The housing business, under DMCI Homes, chipped in P1 billion or more than doubled the P483 million contributed last year, on the back of a 22 percent gain in revenues as it benefited from increased prices.
Realized housing revenues amounted to P4 billion from P3.3 billion last year as sales from the newly completed projects reached full recognition status. Housing interest income for the period jumped 51 percent to P581 million.
Sales and reservations grew more than two-fold to P11.1 billion in 2010, averaging more than P1 billion a month due to growing demand for the company’s housing units.
The construction and steel fabrication businesses contributed P1.4 billion, up 139 percent from P588 million. The general construction unit, operated under wholly-owned and flagship construction company, D.M. Consunji Inc. (DMCI), pumped in P903 million, twice the P445 million recorded a year earlier, as construction and engineering works from major building and infrastructure contracts reached optimum levels. 
Work done from major contracts — the Skyway elevated toll road, the 168 Residences and the Raffles condominiums and hotel — boosted the substantial growth in realized general contracting revenues from P4.5 billion in 2009 to P8.1 billion this year.
The company’s steel fabrication business, though 98-percent owned steel fabrication company, Atlantic Gulf and Pacific Co. of Manila Inc. (AG&P), reported a three-fold increase in net contributions from P144 million to P505 million. The group is still bent on selling AG&P and expects to conclude negotiations by the end of the year.
Net earnings of Semirara Mining Corp., on the other hand, surged 147 percent to P3.21 billion on record sales of coal in both local and international markets. Consolidated revenue, on the other hand, climbed 83 percent to P16.9 billion, of which P9.46 billion came from its coal segment while P7.43 billion was contributed by its power segment.
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