Engineering conglomerate DMCI Holdings Inc. on Tuesday said it more than tripled its nine-month consolidated net income to P13.5 billion from P3.9 billion last year, due to soaring coal prices.
Revenues for the period swung to an all-time high of P80 billion, an 82-percent increase from P44 billion last year, mainly as a result of the strong rally of coal, nickel and electricity prices, coupled with the steady increase in construction accomplishments.
Consolidated core net income more than doubled to P12.3 billion from P4.5 billion. These excludes a nonrecurring loss of P592 million last year due mainly to sales cancellations for a DMCI Homes project and a nonrecurring gain of P1.2 billion from the re-measurement of deferred tax liabilities as a result of the CREATE law and sale of a lot.
For the third quarter alone, DMCI Holdings saw its consolidated net income and core earnings growing by 113 percent to P4 billion from P1.9 billion, as revenues for the period rose by 46 percent to P26.4 billion from P18 billion.
“This is our highest third-quarter revenue ever. If current market and operating conditions continue for the rest of the year, we expect our fourth quarter results to be even better,” DMCI Holdings Chairman and President Isidro A. Consunji said.
From January to September, net income contribution from Semirara Mining and Power Corp. more than tripled to P6 billion from P1.7 billion last year on higher coal shipments and average selling prices for coal and electricity.
Sluggish billed volume and lower average effective tariff as a result of quarantine restrictions pulled down Maynilad’s contribution by 8 percent to P1.1 billion from P1.2 billion last year.
DMCI Homes contributed P3.2 billion in core earnings, up 199 percent from P1 billion on higher construction accomplishments and down payment recognition from new accounts.
Contribution from DMCI Mining expanded by almost four times to P983 million from P252 million on higher selling prices, shipment and production, as two of its mines operated at full capacity during the year.
D.M. Consunji Inc., the construction firm, contributed P585 million, recovering from its P97-million net loss last year, owing to higher construction accomplishments and minimal Covid-19 costs. With higher electricity sales and average selling price, DMCI Power was able to raise its net income contribution by 6 percent to P428 million from P403 million.
Income from parent and others went up by 128 percent to a net income of P15 million from a net loss of P54 million last year on the absence of a one-time cost related to the Covid-19 pandemic.
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