For the third quarter alone, earnings dropped 33 percent to P2.7 billion as a result of sustained pressure from volatile energy prices, weather-disrupted mining operations and rising production and operating expenses.
Higher costs, weaker energy markets and integration pains from its cement acquisition dragged DMCI Holdings, Inc.’s nine-month profit lower, with net income sliding 22 percent to P11.8 billion from P15.1 billion a year earlier.
The company reported on Friday that, for the third quarter alone, earnings fell even steeper, dropping 33 percent to P2.7 billion, due to sustained pressure from volatile energy prices, weather-disrupted mining operations and rising production and operating expenses.
Weaker earnings
The conglomerate added that the contraction was “primarily due to weaker earnings from the integrated energy and construction segments, alongside the ongoing integration of the recently acquired cement business.”
Despite the setback, DMCI pointed to counterweights across its portfolio, citing “stronger performance from real estate, nickel mining and off-grid power generation, as well as higher equity earnings from associates” that helped temper the downturn.
Semirara Mining and Power Corp. contributed the bulk of earnings at P5.8 billion, although this was 34 percent lower than the P8.9 billion recorded last year, due to softer coal and electricity prices and higher production costs. The unit noted that record shipment volumes and power generation helped cushion the blow.
DMCI Homes delivered P2.7 billion, climbing 11 percent from P2.4 billion, driven by revenues from newly recognized residential accounts, as well as improved rental and financing income.
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