Consunji-led DMCI Holdings Inc. on Tuesday reported a 105-percent upturn in nine-month consolidated net income from P13.5 billion to P27.6 billion.
In a Philippine Stock Exchange report, DMCI said it broke its full-year profit record of P18.9 billion in 2013.
“All of our subsidiaries delivered robust results during the nine-month period, particularly Semirara Mining and Power Corporation,” DMCI Holdings chairman and president Isidro A. Consunji said.
“But we expect to feel some profit weakness in the last quarter because of higher raw material costs and a construction slowdown,” he added.
For the third quarter alone, the Consunji-led firm posted an 84-percent improvement in consolidated core net income from P4 billion to P7.4 billion on higher contributions from its coal, power and real estate businesses.
DMCI Holdings also obtained a one-time gain of P8.4 billion after selling a portion of its shares from Maynilad Water Services Inc.
The net income contribution of Semirara Mining and Power Corp. increased by 243 percent to P20.4 billion from P6 billion due to better market pricing, record-breaking coal production, and increased spot power sales volume.
Volume, prices higher
DMCI Power grew its net income by 28 percent to P549 million from P428 million on greater volume and prices.
DM Consunji Inc., on the other hand, saw a 16 percent increase to P676 million from P585 million as it finished several building and infrastructure projects.
DMCI Homes had a 19 percent increase in net income to P3.9 billion from P3.2 billion due to higher real estate prices.
DMCI Mining likewise saw an 11 percent gain to P1.1 billion from P983 million due to favorable exchange rates.
Excluding a non-recurring gain of P1.2 billion last year owing to deferred tax remeasurement concerning CREATE Act and DMCI gain on land sale, consolidated core net income from January to September rose even faster at 124 percent from P12.3 billion to P27.6 billion.