How the suspension of DMCI mines affected Consunji’s fortune
DMCI Holdings Inc. reported a six percent drop in earnings in the first nine months, dragged down by weak contributions from its real estate, nickel mining and water units.
Excluding a one-time gain of P111 million from the sale of its 10 percent stake in Subic Water and Sewerage Co., core net income slipped two percent to P9.1 billion.
Consolidated revenues from January to September were flattish at P45.1 billion compared to P45.6 billion a year ago.
“Our earnings results are in line with our forecast. Although our construction and energy businesses did well, the revenue recognition timing issue of DMCI Homes and the income tax holiday expiration of Maynilad significantly weighed down our consolidated results,” said DMCI Holdings chairman and president Isidro Consunji.
Higher coal sales boosted the earnings of Semirara Mining & Power Corp. by 52 percent to P5.4 billion.
Off-grid energy unit DMCI Power Corp. booked a 12 percent growth in profit to P342 million as a result of higher sales to electricity cooperatives in Calapan, Masbate and Palawan.