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DMCI bags ₧4.5-B new construction deals

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D.M. Consunji Inc., the construction arm of engineering conglomerate DMCI Holdings Inc., on Monday said it secured new contracts worth P4.5 billion and P2.6 billion worth of additional work from ongoing projects in January to September, which raised its order book to P51.7 billion.

The new contracts include a mall, medical building, power plants and train depot, the company said.

Ongoing DMCI projects include the North-South Commuter Railway for its viaduct and depot, section 1 of NLEX-SLEX Connector Road, Skyway Stage 3 Quirino Ramp, Poblacion Water Treatment Plant, CAMANA Water Reclamation Facility, Estate Makati, Empress and Maven at Capitol Commons.

Some of its recently completed major contracts include the Anchor Piers for Cebu-Cordova Link Expressway together with Acciona of Spain, Ikea Pasay City together with SM Prime, Cavite-Laguna Expressway (Mamplasan to Silang East), Bued Viaduct and Roadway, Viridian in Greenhills and Royalton at Capitol Commons.

“Private construction remains sluggish because of weak economic conditions. Bidding for big-ticket infrastructure projects is starting to pick up, and we hope to benefit from this soon,” DMCI President and CEO Jorge A. Consunji, said.

In January to September 2020, DMCI had an order book of P63.4 billion, of which P958 million was a newly-awarded project and P245 million were change orders.

On a stand-alone basis, DMCI recorded a net income of P143 million in the third quarter compared to a net loss of P155 million last year.

For the nine-month period, its bottom line saw a turn-around from a net loss of P76 million to a net income of P785 million.

The rebound was mainly attributable to higher construction accomplishments owing to easing quarantine restrictions and lower extraordinary costs related to Covid-19 containment.

DMCI Holdings reported that 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.

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.

Read full article on BusinessMirror

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