Engineering conglomerate DMCI Holdings Inc. on Tuesday said its attributable income in January to September fell 28 percent to P20.01 billion from the previous year’s P27.62 billion, largely due to normalizing coal and nickel prices.
Consolidated core net income from January to September was about the same as last year’s due to a non-recurring gain of P2 million for the sale of a DMCI lot and a non-recurring loss this year of P27 million because of Maynilad Water Services Inc.’s forex losses and donations.
“We saw double-digit contractions in coal and nickel index prices because of the China economic slowdown and global oversupply. However, our power businesses acted as significant buffers,” DMCI Holdings Chairman and President Isidro A. Consunji said.
Revenues for the nine month-period fell 19 percent to P92.39 billion from P114.3 billion.
Semirara Mining and Power Corp.’s net income contribution declined by 37 percent to P12.8 billion from P20.4 billion due to lower shipments and average selling prices. This was partly offset by higher power generation, sales and average selling price.
DMCI Homes contributed P3.8 billion, flat from last year as the lower percentage of completion was cushioned by better selling prices and higher income from sales cancellations.
D.M. Consunji Inc., the construction firm, recognized a 32-percent profit contribution downswing to P459 million from P676 million due to the absence of new projects and completion of most infrastructure projects.
DMCI Power contributed P632 million, a 15-percent upturn from P549 million on the back of higher electricity sales volume, lower fuel costs and improved margins.
Meanwhile, DMCI Mining saw its net income contribution tumble by 48 percent to P569 million from P1.1 billion mainly due to lower selling prices and higher costs.
Contribution from affiliate Maynilad rose by 51 percent to P1.7 billion from P1.1 billion on higher billed volume, better customer mix and improved average effective tariff.
“Contributions from SEM-Calaca [Power Corp.], Southwest Luzon [Power Generation Corp.] and DMCI Power all grew double digits because of improved generation, sales volume and margins,” he said.
For the third quarter alone, DMCI had a net income of P4.08 billion, a 44 percent drop from P7.33 billion owing to lower contributions from Semirara Mining and DMCI Mining.
Revenues fell 31 percent to P22.4 billion from the previous year’s P32.83 billion.
