DMCI Holdings profits down 73% in first half
abs-cbnNEWS.com | 08/19/2008 5:06 PM
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Conglomerate DMCI Holdings Inc said Tuesday its first half net profit fell 73 percent from a year ago to P543 million from P2.2 billion, due largely to the absence of one-off gains and foreign exchange losses.
"Complications in the water business relegated the slight growth in the other sectors, namely, construction, coal mining and real estate," it said.
DMCI partly owns DMCI-MPIC Water Co., a joint venture company formed with listed Metro Pacific Investments Corp., which operates Maynilad Water Services Inc.
The venture company reported a significant drop in net contributions for the period from an income of P1.4 billion to a loss of P234 million. It recorded foreign exchange losses of P695 million from its dollar-denominated loans used to acquire Maynilad, net interest expense of P347 million from the same loans, and amortization and negative goodwill amounting to P302 million.
DMCI's real estate arm, DMCI Project Developers Inc. saw a slight growth in the six-month period. Revenues and income were up 23 percent and 8 percent, respectively, on higher selling prices of its existing projects.
Its construction unit, DM Consunji Inc., raised its earnings by 24 percent while its coal mining subsidiary, listed Semirara Mining Corp., ended the first semester with flat profits. But coal revenues were higher at P4.73 billion on increased shipments.
