DMCI Holdings nets P4.3-B profit in Q1

Consunji-led diversified engineering conglomerate DMCI Holdings, Inc. booked a 5-percent increase in profit in the first quarter of 2018, as higher coal sales offset the drop in its power generation business.

DMCI Holdings said its earnings reached Php4.3 billion in January to March quarter from Php4.1 billion the previous year. Consolidated revenues during the same period also grew 8 percent from Php18.8 billion to Php20.3 billion.

"Our power generation business suffered some setbacks this quarter because of the unplanned outages of Sem-Calaca Power Corporation and Southwest Luzon Power Generation Corporation," said DMCI Holdings Chairman and President Isidro Consunji in a statement.

Semirara Mining and Power Corporation (SMPC) recorded a 3-percent increase in net income for the first three months of the year from Php4.4 billion to Php4.6 billion, owing to a 24-percent increase in the average selling price of coal.

DMCI Holdings said D.M. Consunji, Inc. posted an 85-percent surge in net income share due to the realization of variation orders from projects nearing completion.

Net income contribution from Maynilad jumped 12 percent from Php282 million to Php315 million, primarily driven by higher billed volume (4.9 percent), coupled with a 2.8-percent inflationary rate adjustment on its basic charge beginning January 1 this year.

Profit share from DMCI Homes declined 11 percent to Php848 million from Php950 million during the same period last year due to a slowdown in revenue recognition.