DMCI Holdings, Inc. reported a 2 percent decline in consolidated net income in the first quarter of the year, as weaker earnings from its coal and power business and lower effective contribution from Maynilad Water Services weighed on results despite growth from its property, mining, and off-grid power units.

The diversified engineering conglomerate reported on Friday a net income of P4.9 billion for the January-to-March period, down from P5 billion in the same quarter last year.

“Our diversified portfolio continued to provide stability despite uneven market conditions,” said DMCI Holdings Chairman and President Isidro A. Consunji. “While some businesses are facing near-term pressures, we continue to see encouraging performance from our business units.”

Semirara Mining and Power Corp. remained the group’s largest earnings contributor, but its contribution fell 13 percent to P2.2 billion from P2.5 billion a year earlier, dragged by weaker plant performance and lower coal shipments.

Meanwhile, associate Maynilad contributed P714 million during the quarter, down 23 percent from P926 million last year, after the water concessionaire’s public offering reduced DMCI’s effective ownership stake despite improved operating performance.

The declines offset gains from other business units.

DMCI Homes posted a 3 percent increase in net income contribution to P1.3 billion from P1.2 billion, driven by stronger residential revenues, lower cancellations, and higher rental income.

Nickel miner DMCI Mining grew earnings by 8 percent to P440 million from P409 million, supported by higher shipment volumes following the commercial operations of the Long Point mine in March 2026. The new site increased the company’s active mines from two to three.

DMCI Power increased its contribution by 12 percent to P302 million from P270 million, benefiting from higher energy sales and capacity expansions in Palawan, Antique, and Masbate over the past year.

Construction subsidiary D.M. Consunji, Inc. posted P47 million in earnings, down 6 percent from P50 million due to project delays and fewer ongoing projects.

Meanwhile, Concreat Holdings Philippines narrowed its net loss by 63 percent to P203 million from P546 million last year, helped by higher sales volumes and improving operating efficiencies during its first full year under DMCI management.

Despite the softer quarterly performance, DMCI’s board declared regular cash dividends of P0.30 per share, equivalent to a total payout of about P4 billion.