DMCI third-quarter net income up 84%

Consunji-led diversified conglomerate DMCI Holdings Inc. reported an 84% growth in its third-quarter consolidated core net income, driven by its major business units during the period.

DMCI said its bottomline grew to P7.4 billion from P4 billion, as its coal, power, and real estate businesses recorded higher contributions in the quarter.

Semirara Mining and Power Corp. (SMPC) net income contribution surged by 243% to P20.4 billion from P6 billion, on the back of higher market prices, all-time high coal production, and a higher spot electricity sales volume.

DMCI Homes recorded a 19% jump in its net income to P3.9 billion from P3.2 billion owing to higher selling prices, while DMCI Mining recorded an 11% increase to P1.1 billion from P983 million on elevated exchange rates.

DM Consunji Inc. saw a 16% climb to P676 million from P585 million as it completed some building and infrastructure projects, while DMCI Power grew its net income by 28% to P549 million from P428 million on higher volume and prices.

The firm said the contribution from its affiliate Maynilad Water Services Inc. contracted by 1% to P1.1 billion, mainly due to “sluggish” billed volume growth and higher cash operating expenses.

DMCI has an indirect ownership in Maynilad through a 27% stake in Maynilad Water Holding Company Inc. which in turn owns 93% of the water concessionaire.

The latest figures brought DMCI Holdings’ nine-month consolidated net income up 105% to P27.6 billion from P13.5 billion, breaking the P18.9-billion record profit for the full year in 2013. — DVM, GMA Integrated News