MANILA - Consunji-led conglomerate DMCI Holdings said on Tuesday its net income declined by 34 percent in third quarter on weaker demand amid the pandemic-related economic slowdown.

Its net income dropped to P1.9 billion in the third quarter from P2.8 billion a year ago on weaker energy, construction and water businesses -- bringing its year-to-date net income to P3.9 billion, down 58 percent from P9.3 billion last year.

"Among our businesses, Semirara and DMCI were hit hardest by the COVID-19 pandemic. We saw sharp drops in demand and prices for both coal and electricity because of the economic slowdown," said DMCI Holdings Chairman and President Isidro A. Consunji.

“Construction earnings deteriorated because of lower productivity and extraordinary expenses related to the coronavirus," he added.

Off-grid energy supplier DMCI Power and DMCI Mining both registered growth in incomes -- power enjoyed higher electricity sales, while mining saw strong China nickel demand and a 41-percent jump in production amid an Indonesian nickel ore export ban.

The rest of its units experienced declines with Semirara income down 64 percent, while DMCI Homes and Maynilad dropped by 40 percent and 22 percent, respectively, and construction unit DMCI posted a P97-million net loss.

DMCI Holdings expected weak demand earlier in the year, and slashed its capital spending this year in response to preserve cash and maintain a healthy balance sheet.

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