DMCI profit down 34% as pandemic hits business units

CONSUNJI-LED DMCI Holdings, Inc. on Tuesday reported a 33.7% drop in its attributable net income for the third quarter to P1.88 billion, mainly due to pandemic-related challenges and sales cancellation for its project in Davao City.

In a disclosure to the stock exchange, DMCI said its total third-quarter revenues from electricity sales, coal mining, construction contracts, real estate sales, nickel mining, and merchandise sales, among others, declined 18.5% to P18.04 billion.

Broken down, revenues from electricity sales went up 23.24% to P5.22 billion, coal mining dropped 59.4% to P3.08 billion, and construction contracts declined 20.8% to P3.56 billion.

Revenues from real estate sales improved 1.2% to P5.65 billion for the third quarter, while nickel mining contributed P430.30 million, up 332.07% from P99.59 million generated in the same period last year.

DMCI saw revenues from merchandise sales and other business segments drop 21.30% P94.84 million.

In a separate disclosure, Semirara Mining and Power Corp. announced that it terminated its joint venture agreement with Meralco Powergen Corp. and St. Raphael Power Corp. in the construction, ownership and operation of the two-unit 350 megawatt PC sub-critical boiler power plant in Calaca, Batangas.

Shares in DMCI closed 4.02% higher at P5.17 apiece on Tuesday. — Angelica Y. Yang

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