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DMCI sees lower profit

By Jenniffer B. Austria | Posted on Aug. 01, 2013 at 12:00am | manilastandardtoday.com
DMCI Holdings Inc. expects core net income to slightly dip this year, due to lower revenue contribution from its water, nickel and coal ventures.
DMCI president Isidro Consunji, however, said in an interview at the sidelines of the annual stockholders’ meeting that revenues were expected to grow by single digit due to one-time gain from the sale of a partial stake in Maynilad Water Services Inc.
Consunji said the company would receive lower equity contribution from its water business, after the sale of its 16-percent interest in Maynilad, which reduced the company’s ownership to 25.24 percent from 40.98 percent.
The company also had no nickel operations this year after its mining contract with Benguet Corp. expired in 2012, while its recently acquired Acoje-ENK Mine was having some transitory and permitting issues. Its coal venture through Semirara Mining Corp. was affected by a mining incident.
Meanwhile, the group’s power, real estate and construction ventures are expected to perform well this year. “We are trending higher in real estate power and construction but a little lower in coal, water and nickel operations,” Consunji said.
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