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Property, utility units prop up DMCI

    Published : Thursday, November 17, 2011 00:00 [ manilatimes.net ]
    Written by : Krista Angela M. Montealegre

DMCI Holdings Inc. said its earnings grew by a tenth in the third quarter as the growth in its real estate, electricity and water businesses offset the drop in the contribution of its nickel mining.

In disclosure to the Philippine Stock Exchange, the Consunji-led holding firm said its net income rose to P1.76 billion in the July to September period from the previous year’s P1.59 billion.

Nickel ore sales declined by 11 percent to P279.11 million in the third quarter from P314.83 million in 2010.

“Historically within the year, mining operations are normally down as the weather for this time of the year only allows limited mining. This plus the extended dry weather experienced last year caused the significant drop in quarter mining operations year-on-year,” the conglomerate said.

DMCI’s net attributable income grew at a faster rate of 30 percent to P7.04 billion in the first nine months from P5.77 billion in the previous year.

Revenues expanded by nearly a quarter to P7.69 billion in the third quarter from P6.33 billion in 2010, pushing nine-month revenues by a fifth to P23.87 billion.

Semirara Mining Corp.’s coal mining operations netted P2.1 billion in the first nine months, up 87 percent from the previous year’s P1.12 billion on higher selling prices.

The contribution of Semirara’s power generation business jumped 51 percent to P1.3 billion because of the improved capacity for power operation with the completion of the rehabilitation of its second unit.
Net contribution of DMCI Mining Corp., the company’s nickel and metals mining unit, advanced by 48 percent to P361 million on higher nickel ore shipments and selling prices.

Real estate unit DMCI Homes netted P1.25 billion, a 23-percent increase from the P1.01 billion recorded in 2010 on margin improvements and higher realized housing sales from existing projects.
Sales and reservations for the nine-month period grew by 24 percent to P13.8 billion.

DMCI’s share in the earnings of Maynilad Water Services Inc., a joint venture with Metro Pacific Investments Corp., climbed by 17 percent to P1.55 billion from P1.33 billion last year because of water consortium adjustments and lower consortium ownership in the water utility as employees exercised their 2-percent employee stock option plan in 2010.

Contribution of D.M. Construction Inc. fell by 16 percent to P756 million in the absence of new infrastructure contracts.

This year also marked the non-inclusion of Atlantic Gulf & Pacific Co. of Manila Inc., the company’s previously owned steel fabrication which was sold in December 2010.

DMCI shares fell to P37.70 on Wednesday from P38.60 on Tuesday.
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