DMCI Holdings Inc. recorded a 375 -percent increase in profit in the first half of the year to P9.5 billion from last year’s P2 billion due to the exceptional rebound of its subsidiaries, Semirara Mining and Power Corp. (SMPC), DMCI Homes and DMCI Mining Corp.
Core profit was at P8.3 billion, up 217 percent from P2.6 billion last year. The company said it recognized a non-recurring P1.2 billion as a result of the Corporate Recovery and Tax Incentives law.
“Coal and nickel prices were rallying while our production was ramping up so our second quarter was even better than our first quarter. Revenue recognition in our real estate business also improved on higher productivity,” said Isidro Consunji, DMCI Holdings chairman.“We are within striking distance of returning to our pre-pandemic annual net income of P10.5 billion. Barring any major unforeseen events and if commodity prices hold up, we may be able to finish the year even stronger,” Consunji added.
DMCI said SMPC contributed P3.7 billion, up 184.46 percent from P1.3 billion.
Contributions from DMCI Homes hit P2.3 billion, up from P38 million last year.
DMCI Mining accounted for P818 million, a 345 percent improvement from P184 million last year.
Maynilad posted a 15 percent decline in contributions from P847 million to P718 million.
D.M. Consunji Inc. contributed P484 million, up 426 percent from P92 million last year.
Contributions from DMCI Power grew 5 percent from P256 million to P270 million
