MANILA – Diversified engineering conglomerate DMCI Holdings, Inc. posted PHP1.4 billion in consolidated earnings in the second quarter, 62 percent lower from PHP3.7 billion during the same period last year.
This raised first-half net profit to PHP2.0 billion, a 69-percent year-on-year decline from PHP6.5 billion.
“Most of our businesses showed resilience during the lockdown period since they belong to essential industries like power, mining and water distribution,” DMCI Holdings chairman and president Isidro Consunji said in a statement Monday.
Consunji said Semirara, DMCI Power, DMCI Mining, and Maynilad remained profitable in the first and second quarters, but were severely affected by low market prices.
First-half core net income contributions from Semirara Mining and Power Corporation dropped 64 percent from PHP3.5 billion to PHP1.3 billion as coal sales and average selling price dropped 27 percent and 21 percent, respectively.
Its power segment also sustained sharp declines with electricity sales and average selling price falling 10 percent and 32 percent, respectively.
DMCI Homes contributed core earnings of PHP38 million to the parent company, a 97-percent decrease from PHP1.2 billion, as quarantine restrictions dragged down construction accomplishments and consequently, revenue recognition.
Earnings from D.M. Consunji, Inc. contracted 79 percent from PHP440 million to PHP92 million due to the 76-day lockdown and staggered workforce build-up which affected productivity and revenue recognition.
Off-grid energy supplier DMCI Power contributed PHP256 million, a 10-percent jump from PHP233 million last year.
Higher energy sales in Palawan and lower fuel costs accounted for the growth.
Attributable net income from DMCI Mining improved 6 percent from PHP173 million to PHP184 million on the back of a 25-percent increase in nickel ore exports.
Net income contributions from affiliate Maynilad fell 24 percent from PHP1.1 billion to PHP847 million due mainly to the sharp drop in commercial and industrial sales volume during the lockdown.
Higher depreciation and amortization for its capital expenditure program likewise contributed to the decline.
Parents and others booked PHP57 million in losses during the first half compared to PHP126 million last year due to lower interest income. (PR)
