DMCI net income jumps 22% in 2011

ABS-CBN News

Posted at Apr 27 2012 05:18 PM | Updated as of Apr 28 2012 01:18 AM

MANILA, Philippines - Consunji-led DMCI Holdings Inc. said its net income jumped 22% to P9.6 billion in 2011, on the back of significant growth in its coal, nickel and power businesses, as well as improved numbers from its real estate and water businesses.

In an annual report filed with the Philippine Stock Exchange, DMCI said its consolidated revenues hit P47.8 billion in 2011,10% higher than P43.4 billion in 2010.

Mining was the main driver for DMCI's growth in 2011, due to higher coal prices and improved operation in its nickel business.

DMCI's real estate and power generation businesses also saw steady growth in 2011.

The real estate business recorded a 40% increase in net contributions to P1.8 billion, on the back of a 25% growth in as realized housing sales to P8.2 billion in 2011.

Maynilad Water Services Inc., DMCI's joint venture with Metro Pacific Investments Corp., posted a net income contribution of P2.2 billion in 2011, 16% up from the previous year.

DMCI's coal mining business, which owns Calaca, saw improved operations with net income of around P4.1 billion for coal mining and P1.9 billion for power generation in 2011. This was attributed to higher coal prices and improved power generating capacity from the completed phase 1 rehabilitation of Calaca unit 2.

However, the construction business fell slightly in 2011, as it failed to nab any new infrastructure contracts.

DMCI is hopeful the bidding for government infrastructure projects under Public-Private Partnership program will boost its construction business.
 
"The company believes it is well positioned to be both a driver and a beneficiary of the country's infrastructure progress. Hopefully, these additional power and infrastructure contracts along with others being eyed by DMCI will generate the much needed lift in construction revenues with better margins," DMCI said.