DMCI reports drop in net income in first 9 months of 2023

MANILA -- Construction conglomerate DMCI Holdings on Wednesday said its net income for the first 9 months of the year went down 28 percent to P20 billion on the back of normalizing coal and nickel prices.

The company said net income contribution from Semirara Mining and Power Corporation tumbled by 37 percent from P20.4 billion to P12.8 billion due to lower shipments and average selling prices

Contribution from DMCI Mining also fell by 48 percent to P569 million from P1.1 billion largely because of lower selling prices and higher costs.

D.M. Consunji, Inc.'s contributions also sunk by 32 percent, from P676 million to P459 million, because most of their infrastructure projects had been completed and there were no new projects.

DMCI Homes contributed P3.8 billion, as lower percentage of project completion was cushioned by better selling prices and higher income from sales cancellations.

Water distributor Maynilad, however, delivered a 51-percent improvement in contribution from P1.1 billion to P1.7 billion due to higher billed volume, better customer mix and improved average effective tariff.

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For the third quarter alone, DMCI Holdings' net income dropped 44 percent, from P7.3 billion to P4.1 billion.

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