May 20, 2013

DMCI Holdings profit slips 31% to P1.85 B in Q1

DMCI Holdings Inc.’s core earnings slipped 31% to P1.85 B, weighed down by lower income contribution from its coal, nickel and construction businesses. Consolidated net income almost quadrupled to P10.21 B from P2.67 B a year ago, boosted by a onetime gain as it unloaded some shares in Maynilad Water Services Inc.

The construction business’ income sank 70% to P84 M due to lower margins realized from the recently completed and ongoing building projects. DMCI Mining Corp. reported a net income of only P2 M, way below the P269 M a year ago due to lower volume, ore grade and price compared to last year. Subsidiary Semirara Mining Corp. incurred a net loss of P85 M, reversing the P650 M income a year ago. - WealthSec