DMCI’s net income surges 590% to P4.3b

DMCI Holdings Inc. said Tuesday net income surged by 590 percent in the first quarter to P4.3 billion from P616 million in the same period last year on exceptional performance by real estate and power generation businesses.

“We had a better-than-expected Q1 because of higher construction accomplishments and better coal sales. With the exception of Maynilad, all of our businesses also did very well” said DMCI Holdings chairman and president Isidro Consunji.

“Our performance in the next quarters will largely depend on how the prices of coal, nickel and electricity will hold up. We also expect some operational headwinds for SMPC [Semirara Mining and Power Corp.] given the abnormal water seepages at Molave North Block 7 and the forced plant outages,” he said.

Core net income contribution of DMCI Homes accelerated by 898 percent in the first quarter to P1.6 billion from a net loss of P197 million a year ago. This was largely due to construction accomplishments and recognition of down payment from new accounts.

Net income contributions of SMPC jumped 113 percent to P1.3 billion.