DMCI Holdings Inc. expects market volatility and uncertainty to persist throughout the rest of the year.
Isidro Consunji, DMCI chairman, told stockholders that amid rising prices of commodities like coal and nickel, two of DMCI’s export products, the global economy is facing challenges of downgrades in global growth forecasts because of the Russia-Ukraine war, China lockdowns, high inflation and coronavirus outbreaks in many countries.
“This year is a hard one to call. While these events are raising the prices of coal, nickel and electricity, they are also disrupting demand, supply chains and economic activities. ..market volatility and uncertainly will remain elevated for the rest of the year,” Consunji added.
DMCI reported profits of P11.3 billion in the first quarter of the year, up 165 percent from P4.3 billion last year. Revenues grew by 83.17 percent to P43.76 billion from P23.89 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.
“Excluding a non-recurring gain of P179 million last year mainly from the deferred tax remeasurement impact of CREATE Act (Corporate Recovery and Tax Incentives for Enterprises) 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.
