DMCI Holdings Inc., expects to bounce back to pre-pandemic profitability levels by 2023 banking on the vaccination program for the rest of the year.
Isidro Consunji, DMCI president, told shareholders yesterday the company is optimistic of its mining business with the recent signing of Executive Order 130 lifting the moratorium on new mining projects especially with the depletion of its Berong mine by next month.
“If all its pending MPSA (mineral production sharing agreement) applications are approved, DMCI Mining can increase its reserves by 276 million wet metric tons, which translates to 20 years-worth of nickel sales at our current production rates,” Consunji said.
Consunji said the company expects a “strong bounce-back” from unit DM Consunji Inc. “given its substantial order book, additional workers and increased barracks capacity.”
Consunji also sees DMCI Homes to do better this year because of its considerable unrecognized revenues, higher construction productivity and resource optimization efforts.
The group also expect better earnings from its coal operation Semirara Mining and Power Corp., citing “better market conditions.”
“However, the water seepages at Molave North Block 7 and protracted outage of Calaca Unit 2 will temper the company’s results,” Consunji said.
The group’s power generation unit DMCI Power is on track with its expansion plans.
It has started construction of a 15 megawatt thermal plant in Palawan. It is also building a 4MW hybrid solar-diesel plant in Masbate that is targeted for commercial operation by 2022.
