Consunji bullish on property, mining in P41B expansion
Consunji-led conglomerate DMCI Holdings, Inc. is ramping up its capital expenditure (capex) budget this year to P40.6 billion to support expansion, the bulk of which will be allotted for its property and energy businesses.
DMCI chief finance officer Herbert Consunji told reporters Tuesday its real estate arm DMCI Homes will get P16 billion, Semirara Mining and Power Corp., P13 billion; affiliate Maynilad Water Services, Inc., P9 billion; and off-grid energy business DMCI Power Corp., P2 billion.
Consunji said the diversified engineering conglomerate spent P34 billion last year.
DMCI Holdings Chairman and President Isidro Consunji said he expected “more modest gains” this year due to declining electricity rates and the unresolved issues in its nickel mining and water businesses.
The company has a pending motion for recomputation with the Energy Regulatory Commission, which it expects to be resolved soon.
“Our bright spots will be real estate and coal. We believe that the robust economy coupled with the superior quality and unique features of our real estate projects will sustain customer demand. Unexpectedly strong interest from foreign Chinese investors will also bolster sales,” he said during its stockholders’ meeting. (PNA)