DMCI Holdings' 9-month profit rises 12%
MANILA, Philippines - DMCI Holdings, Inc. booked P7.905 billion in net income in the nine months to September, 12% more than the P7.036 billion it recorded in the same period last year.
Higher profits were realized in the first three quarters despite lower contributions of the firm's coal mining and power businesses as earnings from its real estate, construction, nickel mining, and water businesses recorded significant growth.
Revenues climbed 7% to P39.096 billion in the 9-month period from P36.610 billion a year ago, while cost of sales and services went up by 9% to P26.121 billion, according to the firm's disclosure to the Philippine Stock Exchange.
Operating expenses, meanwhile, declined by 15% to P3.927 billion from P4.629 billion.
Looking at the company's business segments, its real estate arm contributed P1.832 billion in profits during the nine-month period, up by 47% from just P1.245 billion last year.
DMCI Holdings' construction arm, meanwhile, reported P972 million, 27% more than the P756 million it contributed last year, while its water business saw profits jump by 21% to P1.867 billion from P1.549 billion.
The holding firm's nickel mining company also grew its net income by 25% to P449 million from P361 million.
However, the company's coal mining arm saw earnings fall by 14% to P1.8 billion from P2.103 billion, while DMCI Holdings' power unit raked in P944 million, down by 6% from P1.009 billion a year ago.
In the third quarter alone, DMCI Holdings booked P2.129 billion, up 21% from P1.757 billion last year.
Revenues surged 12% to P11.622 billion, while cost of sales increased by 8% to P8.308 billion.
Operating expenses during the quarter fell 26% to P869.579 million as of end-September..