DMCI Holdings Inc. said bottomline in the first quarter dropped 25 percent to P5.6 billion from P7.5 billion.
Revenue was 17 percent down at P27.4 billion from P33 billion.
“Market prices pose a significant challenge for us this year. We do not expect coal, nickel and electricity prices to recover to the highs of the past two years due to shifts in demand-supply dynamics,” said Isidro Consunji, DMCI chairman.
“To mitigate these external challenges, we will focus on improving operational efficiency and refining our marketing strategies to enhance the value of our products and services,” he added.
Net income contribution from Semirara Mining and Power Corp. (SMPC) dropped 27 percent to P3.7 billion from P5.1 billion, as weaker market prices muted the impact of higher coal shipments and electricity dispatch.
The residential business under DMCI Homes, meanwhile, contributed P879 million,down 12 percent from P994 million, primarily due to revenue recognition slowdown from ongoing and new accounts.
“Contribution from affiliate Maynilad increased by 28 percent from P519 million to P664 million owing to higher billed volume, better customer mix and improved average effective tariff,” the group said.
DMCI Power contributed P264 million, up 97 percent from P134 million, driven by increased generation capacity and electricity demand, coupled with lower fuel expenses.
The construction business under DM Consunji Inc. contributed P98 million, down by 64 percent from P273 million due to project delays and fewer ongoing projects.
DMCI Mining posted a P22 million net loss due to decreased shipments, lower nickelgrades and weaker selling prices, compared to a P473 million income a year before.
