DMCI Holdings Inc. recorded profit of P11.3 billion in the first quarter of the year, up 165 percent from P4.3 billion last year.
“The record-setting performance was mainly driven by the robust operating results of its coal, nickel and power businesses amid rallying commodities and electricity spot prices,” the company said.
It did not provide the figures for its topline.
“Excluding a non-recurring gain of P179 million last year mainly from the deferred tax remeasurement impact of CREATE (Corporate Recovery and Tax Incentives for Enterprises) Act on Maynilad’s service concession asset and a P12 million gain on sale of land of DMCI Homes, consolidated core net income surged by 177 percent from P4.1 billion to P11.3 billion,” DMCI added.
Isidro Consunji, DMCI chariman, said unit Semirara Mining and Power Corp. exceeded expectations while units DMCI Mining and DMCI Power both grew double-digits in profits.
“But our construction and real estate businesses are showing signs of slowdown because of knock-on effects of the pandemic and Russia-Ukraine war,” Consunji said.
Semirara posted profit contribution of P8 billion, up 544 percent from P1.3 billion on the back of record-high coal production, shipment and average selling prices, and higher spot electricity sales.
DMCI Homes posted profit contribution of P1.4 billion, down 7 percent from P1.5 billion due to lower construction accomplishments, fewer new accounts that qualified for revenue recognition and higher sales cancellations.
DMCI Mining reported a profit contribution of P499 million, up 20 percent from P415 million on higher nickel ore shipment and forex rates.
The construction arm D.M. Consunji Inc., posted a revenue contribution of P367 million, down 7 percent from P393 million mainly due to the absence of a one-time related party transaction for a joint venture infrastructure project.
“Maynilad contribution rose by 11 percent from P287 million to P319 million on lower personnel, utilities and interest expenses,” the company said.
“DMCI Power contributed P132 million, a 12 percent upturn from P118 million because of higher generation and sales across all its service areas,” DMCI said.
