MANILA - DMCI Holdings on Monday said the group's consolidated profit in the first half dropped 69 percent as the coronavirus pandemic affected market prices and business activities.

DMCI Holdings posted consolidated earnings of P2 billion in the first half, a 69 percent drop from its year ago figure of P6.5 billion.

Core net income meantime, was down 61 percent to P2.6 billion, it said.

The diversified engineering conglomerate which has interests in construction, property, power generation, mining and water services, said most of its businesses showed resilience during the lockdown period since they belong to essential industries like power, mining and water distribution.

“Semirara, DMCI Power, DMCI Mining and Maynilad remained profitable in the first and second quarters. Unfortunately, we were severely affected by low market prices,’ said DMCI Holdings chairman and president Isidro Consunji.

Last July, DMCI said it was slashing capital spending this year to preserve cash and keep its balance sheet 'healthy', as the pandemic slows economic activities.

Semirara Mining and Power Corp. dropped 64 percent to P1.3 billion in the first half, while construction arm D.M. Consunji, Inc. contracted 79 percent to P92 million due to the lockdowns and staggered workforce build-up which affected productivity, it said.

Net income contribution from affiliate Maynilad fell 24 percent due mainly to the sharp drop in commercial and industrial sales volume during the lockdown.

Off-grid energy supplier DMCI Power saw a 10-percent jump in profit while DMCI Mining's net income improved 6 percent, it added.

DMCI Homes contributed core earnings of P38 million, a 97-percent decrease from its year ago period.

Earlier this year, President Rodrigo Duterte also warned DMCI that he would not let it construct more buildings if it evades responsibility after portions of one of its condominiums in his hometown Davao City collapsed during an earthquake.