Metro Manila (CNN Philippines, November 8) — Consunji-led DMCI Holdings said its net income in the January-September period doubled to ₱27.6 billion on the back of “robust” operations of its subsidiaries.
In a statement on Tuesday, DMCI said the nine-month figure even exceeded its full-year 2013 earnings of ₱18.9 billion.
In the third quarter alone, DMCI saw an increase of 84% in its consolidated core net income, amounting to ₱7.4 billion against the previous ₱4 billion. The group said this was driven by its coal, power, and real estate businesses.
“All of our subsidiaries delivered robust results during the nine-month period, particularly Semirara Mining and Power Corporation (SMPC),” DMCI Holdings Chairman and President Isidro A. Consunji said.
SMPC’s net income more than tripled to ₱20.4 billion on elevated market prices, high coal production, and higher spot electricity sales volume.
DMCI Homes also booked a 19% growth in earnings to ₱3.9 billion. The net income of DMCI Mining, meanwhile, went up by 11% to ₱1.1 billion. DMCI Power also realized a 28% jump in its profits to ₱549 million on higher electricity sales volumes.
However, Consunji said the group might record weaker growth in the fourth quarter of 2022.
“We expect to feel some profit weakness in the last quarter because of higher raw material costs and construction slowdown,” he said.
