Consunji-led diversified engineering conglomerate DMCI Holdings Inc. saw its bottom line grow by nearly fivefold in the first semester of 2021.
In a disclosure to the Philippine Stock Exchange on Tuesday, DMCI Holdings reported a consolidated net income of P9.5 billion, nearly five times higher than the P2-billion profit recorded in the same period last year.
The company said the uptrend was attributed to the rebound of its subsidiaries, Semirara Mining and Power Corporation (SMPC), DMCI Homes, and DMCI Mining.
Excluding a nonrecurring gain of P1.2 billion this year relative to the remeasurement of deferred tax liabilities as a result of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law and P586 million net loss mainly from sales cancellations for a DMCI Homes project last year, DMIC Holdings said its consolidated core net income – profits derived from the company’s main business – surged 217% to P8.3 billion from P2.6 billion year-on-year.
“Coal and nickel prices were rallying while our production was ramping up so our second quarter was even better than our first quarter. Revenue recognition in our real estate business also improved on higher productivity,” said DMCI Holdings chairman and president Isidro Consunji.
For the second quarter alone, DMCI Holdings posted a consolidated net earnings of P5.2 billion, up 269% from P1.4 billion a year earlier.
“We are within striking distance of returning to our pre-pandemic annual net income of P10.5 billion. Barring any major unforeseen events and if commodity prices hold up, we may be able to finish the year even stronger,” Consunji said.
In particular, SMPC contributed P3.7 billion, a nearly threefold increase from P1.3 billion owing to its all-time high coal production in the first quarter, all-time high shipments in the second quarter and strong rebound in coal and electricity spot prices.
Contributions from DMCI Homes, meanwhile, surged 6,018% from P38 million to P2.3 billion on higher construction accomplishments and recognition of down payment from new accounts.
DMCI Mining accounted for P818 million, a 345% improvement from P184 million on the back of higher production, average grade and shipment amid a booming nickel market.
Affiliate Maynilad posted a 15% decline in contributions from P847 million to P718 million as quarantine measures led to a 3% drop in billed volume.
D.M. Consunji Inc. contributed P484 million, 426% higher compared to P92 million last year owing to higher construction accomplishments and minimal coronavirus-related expenses.
Contributions from DMCI Power also grew 5% from P256 million to P270 million because of higher electricity sales to Masbate and Palawan.—LDF, GMA News
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