[ bworldonline.com ]
DMCI Holdings, Inc. registered a net income of P5 billion in the
second quarter, up by nearly 39% compared with the P3.6 billion posted a
year ago, with most of its business segments performing well except for
the power business.
Consolidated revenues during the quarter hit P23.9 billion, higher by
31% from P18.3 billion in the same three months last year, the
Consunji-led firm said on Tuesday.
In the first half, net income reached P9.2 billion, an increase of
21% compared with the P7.6 billion in the same period last year due to
the higher contributions from the firm’s coal and nickel mining, real
estate, construction and water businesses.
“All of our businesses fared well except for our power subsidiaries,”
said DMCI Holdings Chairman and President Isidro A. Consunji said in a
statement.
He said the unplanned and prolonged outages of Sem-Calaca Power Corp.
and Southwest Luzon Power Generation Corp. “cut into the profitability”
of parent firm Semirara Mining and Power Corp. (SMPC).
Consolidated revenues during the semester reached P44.2 billion, up 19% from P37.1 billion during the same period last year.
“DMCI Power [Corp.] continues to implement a lower provisional tariff
for its Aborlan power plant because its motion for recomputation is
still under review with the Energy Regulatory Commission (ERC),” Mr.
Consunji said.
DMCI Holdings’ core net income during the first half rose by 10% to
P8.6 billion from P7.8 billion a year ago. It excluded the P715-million
one-time gain of the sale of an undeveloped lot by DMCI Homes, Inc. and a
P69-million one-off refinancing cost of Maynilad Water Services, Inc.
For the second quarter alone, the firm’s core net income rose by 16% to P4.2 billion from P3.6 billion.
SMPC recorded a 3% rise in net income contributions to P4.6 billion
from P4.5 billion because of higher coal sales and coal prices.
Excluding the one-time gain, DMCI Homes contributed P1.7 billion in
earnings, up 7% from P1.6 billion in the previous year. The improvement
was attributed to a 12% growth in revenues and a 4% rise in reservation
sales.
Mr. Consunji identified the non-recurring gain as the sale of a
1.9-hectare property near the LRT Balintawak station. He said the asset
was sold at a price more than three times the acquisition cost.
The net income contributions of affiliate Maynilad went up by 16% to
slightly more than P1 billion from P877 million due to a 3.4% increase
in billed volume and a 2.8% inflationary tariff adjustment.
Construction arm D.M. Consunji, Inc. booked a 36% increase in net
income share to P676 million from P497 million after the “higher
accomplishment in building projects and the realization of variation
orders from projects nearing completion.”
Off-grid energy supplier DMCI Power contributed P214 million in net earnings, up 6% from P228 million last year.
“The decrease mainly resulted from the lower-than-expected
provisional tariff granted to its Aborlan power plant in Palawan,” the
company said.
Attributable net income from DMCI Mining Corp. jumped 309% to P221
million from P54 million, “fueled by higher shipments from the old
stockpile and shipment of more high-grade nickel ore,” the holding firm
said.
Other income during the first half more than doubled to P88 million from P27 million due to higher interest income.
On Tuesday, shares in DMCI Holdings fell by 3.52% to close at P11.50 each. SMPC also slumped by 1.88% to P31.30 each. — Victor V. Saulon
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