DMCI Holdings, Inc. posted a 26 percent increase in consolidated net income to P11.4 billion in the first half of the year, driven largely by record contributions from its nickel mining business and significantly narrower losses from its cement operations.

The diversified engineering conglomerate reported on Friday that the January to June earnings rose from P9.0 billion in the same period last year.

The improvement was supported by DMCI Mining’s stronger performance following the start of operations at the Long Point mine, while Concreat benefited from higher cement sales volumes and selling prices, along with continued operational improvements.

In the second quarter alone, DMCI Holdings’ consolidated net income surged 61 percent to P6.5 billion from P4.0 billion a year earlier, as improved results across all subsidiaries supported earnings.

Higher contributions from integrated energy, nickel mining, real estate, off-grid power, construction and cement businesses more than offset the lower contribution from Maynilad.

Semirara Mining and Power Corporation (SMPC) contributed P2.7 billion in second-quarter earnings, up 17 percent from P2.3 billion, as record power performance more than offset weaker coal results.

At the SMPC level, power accounted for 96 percent of earnings, while coal comprised the remaining 4 percent.

DMCI Mining generated a record P1.3 billion in the second quarter, nearly four times the P344 million recorded a year earlier, driven by record shipment volumes following the full-quarter contribution of the Long Point mine.

The start of Long Point operations increased DMCI Mining’s active mines from two to three.

DMCI Homes booked P1.0 billion in net income, up 49 percent from P705 million, supported by higher residential revenues, lower cancellation reversals and improved operating margins.

Meanwhile, associate Maynilad’s attributable income declined 17 percent to P810 million from P974 million, mainly due to the reduction in DMCI Holdings’ effective ownership following the water company’s initial public offering.

DMCI Power contributed P406 million, up 9 percent from P374 million, driven by record quarterly energy sales following capacity additions in Masbate and Antique.

D.M. Consunji, Inc. recorded a P195-million contribution, up from P18 million in the same period last year, supported by improved project margins.

Concreat moved close to break-even, posting an attributable net loss contribution of P4 million, a 99 percent improvement from the P682-million loss recorded a year earlier.