DMCI Holdings Inc. said profit for the first half of the year reached P2 billion, down 69 percent from last year’s P6.5 billion.
The company said second quarter net stood at P1.4 billion, down 62 percent from P3.7 billion last year.
It did not provide figures on its topline.
“Most of our businesses showed resilience during the lockdown period since they belong to essential industries like power, mining and water distribution,” said Isidro Consunji, DMCI president.
“Semirara, DMCI Power, DMCI Mining and Maynilad remained profitable in the first and second quarters. Unfortunately, we were severely affected by low market prices,’ he added.
Consunji said core profit for the first half was at P2.6 billion, down 61 percent from P6.7 billion last year; second quarter core profit was at P1.6 billion, down 59 percent from P3.9 billion.
“First-half core net income contributions from Semirara Mining and Power Corp. dropped 64 percent from P3.5 billion to P1.3 billion as coal sales and average selling price dropped 27 percent and 21 percent, respectively. Its power segment also sustained sharp declines with electricity sales and average selling price falling 10 percent and 32 percent, respectively,” Consunji said.
“DMCI Homes contributed core earnings of P38 million to the parent company, a 97 percent decrease from P1.2 billion as quarantine restrictions dragged down construction accomplishments and consequently, revenue recognition,” he added.
Earnings from construction arm D.M. Consunji Inc. amounted to P92 million, down 79 percent from P440 million last year due to the 76-day lockdown and staggered workforce, affecting productivity and revenue recognition.
Off-grid energy supplier DMCI Power posted P256 million in profit, up 10 percent from P233 million last year.
