The listed holding company of the Consunji family is on track for strong and sustainable growth with its nine-month profit more than tripling to P13.5 billion on record revenues amid the rock solid performance of its coal mining and real estate businesses.
DMCI Holdings’ consolidated revenues skyrocketed to an all-time high of P80 billion, 82 percent more than the P44 billion registered a year ago on the strong rally of coal, nickel and electricity prices as well as the steady increase in construction accomplishments.
Excluding a nonrecurring loss of P592 million last year due mainly to sales cancellations for a DMCI Homes project and a nonrecurring gain of P1.2 billion from the remeasurement of deferred tax liabilities as a result of the CREATE law and sale of a lot, consolidated core net income surged to 173 percent to a record P12.3 billion.
For the third quarter, DMCI Holdings s more than doubled its net profit and core earnings to P4 billion as revenues expanded by 46 percent to an all-time high of P26.4 billion.
“This is our highest third-quarter revenue ever. If current market and operating conditions continue for the rest of the year, we expect our fourth quarter results to be even better,” said DMCI Holdings chairman and president Isidro A. Consunji.
Subsiiary Semirara Mining and Power Corp. contributed P6 billion to DMCI’s total earnings, up 252 percent on higher coal shipments and average selling prices for coal and electricity.
The real estate business under DMCI Homes pumped in P3.2 billion in core earnings, 199 percent more than the previous year.
DMCI Mining chipped in P983 million or an increase of 290 percent on higher selling prices, shipment and production with two of its mines operating at full capacity.
Construction firm D.M. Consunji swung to a P585 million profit from a P97 million net loss owing to higher construction accomplishments and minimal COVID-19 costs.
SOURCE: Bilyonaryo
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