DMCI’s earnings dropped 34% in Q3

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Credit: Read the original article from Manila Standard Business.

Conglomerate DMCI Holdings Inc. said Tuesday third-quarter net income declined 34 percent to P1.9 billion from P2.8 billion in the same period last year as the positive performance of real estate and mining business was offset by weak contributions from power generation, construction and water units.DMCI Holdings said in a disclosure to the stock exchange real estate arm DMCI Homes accounted for 55 percent of the consolidated profit with a third-quarter contribution of P1 billion, up 70 percent from a year ago.DMCI Holdings said it booked P3.9 billion in consolidated net income in the first three quarters, down 58 percent from P9.3 billion last year.

“Among our businesses, Semirara and DMCI were hit hardest by the COVID-19 pandemic. We saw sharp drops in demand and prices for both coal and electricity because of the economic slowdown,” said DMCI Holdings chairman and president Isidro Consunji.“Construction earnings deteriorated because of lower productivity and extraordinary expenses related to the coronavirus,” he said.

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