February 26, 2018, 5:34 am
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Construction firm bags P12B in contracts in H1

D.M. Consunji, Inc. (DMCI) has been awarded infrastructure, energy, buildings, and utilities and plants projects worth P11.7 billion during the first half of the year, 169 percent higher than the P4.5 billion contracts closed last year.  

This brings the company’s order book to P26.8 billion, four percent lower than the P27.9 billion recorded for the same period last year, DMCI said.

Among its newly-signed projects are the Cavite-Laguna Expressway project of MPCALA Holdings, Inc.; Anchor Grand Suites of Anchor Land; Bued Viaduct and Roadway of Private Infra Dev Corp.; Light Rail Transit line 2 East (Masinag) Stations under the Department of Transportation; and civil works for a thermal power plant for engineering procurement, and construction contractor JGC Philippines.   

DMCI said its major ongoing projects include Sections 1 and 2 of the Metro Manila Skyway Stage 3 project of Citra Central Expressway Corp.; Citygate mixed-use development of Ayala Land, Inc.; The Royalton and Imperium luxury condominiums of Ortigas & Co.; The Areté of Ateneo de Manila University; and NCCC Mall of LTS Malls, Inc.

DMCI reported profits of P630 million for its first half operation, 65 percent higher than last year’s P393 million, on improved operational efficiencies and lower construction costs among its business units. 

“We are seeing some uptick in infrastructure projects but the construction growth is still primarily driven by the private sector. Hopefully, more government-led projects will go online this year,” said Jorge Consunji, DMCI president. 

DMCI is part of DMCI Holdings Inc. which posted profits of P7.65 billion for the first half of the year, up 19 percent from P6.44 billion a year ago.

The growth was driven by improved earnings contributions of Semirara Mining and Power Corp. (SMPC), DMCI Homes and DMCI.

DMCI Holdings  reported revenues of P37.06 billion for the period, 18 percent higher than last year’s P31.3 billion, while its core profit rose 21 percent to P7.6 billion, from P6.3 billion a year earlier.  

“We had a very good first half. Our performance in the second half will likely be more modest due to the higher strip ratio of SMPC compared to the first half,” said Isidro Consunji, DMCI Holdings president. 

 SMPC’s profit jumped 24 percentto P7.9 billion from P6.4 billion, allowing it to contribute P4.5 billionto the DMCI Group, up 24 percent from the previous P3.6 billion. 

DMCI Homes, meanwhile, saw profit hit P1.6 billion, up 78 percent from P909 million, due to higher sales and reservations, and change in accounting policy from completed contract method to percentage of completion  method.

Off-grid energy supplier DMCI Power’scontribution fell by five percent to P228 million from P241 million,with the expiration of its income tax holiday for its Masbate operations. 

Affiliate Maynilad Water Services, Inc. posted a 31 percent drop in equity income contributions at P759 million from P1.1 billion, as delays in the implementation of the rate rebasing tariff continued to put a downward pressure on its earnings.  
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