MANILA - DMCI Homes said Tuesday it is ramping up development and set to complete 10 residential buildings by year end after employing 'operational changes' as the pandemic halted operations.

"The pandemic really battered our productivity. Our projects got delayed by one to three months because of the 76-day work stoppage in the first semester. Since we follow the percentage-of-completion method for revenue recognition, our booked revenues contracted on lower construction accomplishments," said DMCI Homes president Alfredo Austria.

DMCI Homes said it employed operational changes, expanded onsite barracks capacity to accommodate more workers and offered bike loans to employees.

With total combined units at 4,088, the ten buildings to be delivered this year include Mulberry Place, Lumiere Residences, Calathea Place, Sheridan Towers, Alea Residences, and Oak Harbor Residences - which is the company’s first premium residential project.

DMCI Homes said it expects P13.9 billion in sales from the ten buildings, of which over 3,500 units were sold to date.

DMCI Homes recorded a 68-percent surge in third-quarter net income to P1 billion from P626 million the same quarter last year on lower construction costs and the P5.7-billion total bookings made in the quarter.

• DMCI Holdings 3Q net income down on weaker energy, construction, water businesses
• DMCI Homes grows land bank by 41 percent
• DMCI slashes capex, preserves cash as virus drags growth

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