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DMCI’s first-half net profit hit P5.8b

By Jenniffer B. Austria | Posted on August 20, 2012 | 12:01am
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DMCI Holdings Inc. of the Consunji family said first-half net income rose 9 percent to P5.8 billion from P5.3 billion posted in the same period last year, boosted by the strong performance of its residential and water businesses.

The company said in a disclosure to the stock exchange consolidated revenues in the January-June period increased 5 percent to P27.4 billion from P26.2 billion recorded in the first six months of 2011.

DMCI said coal mining, which accounted for the bulk of the company earnings, posted an 18-percent decline in net income contribution due to lower coal prices.

The power business, coming mainly from the Calaca power units, also recorded an 18-percent decline in net income contribution due to the reduced capacity coming from the rehabilitation of unit 1.

Residential sales posted a 38-percent increase in net income contribution to P1.1 billion from P845 million the previous year on higher real estate revenues.

Reservation sales, however, dipped 6 percent to P9.4 billion in the first half as new projects would be launched only in the second half of the year.

Its water business through Maynilad Water Services Inc. registered a 30-percent increase in net income to P1.2 billion, due to the continued drop in non-revenue water and increase billed volume.

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