DMCI Holdings Income Down 69% in First Half

DMCI Holdings Inc. (DMCI) reported a total net income for the first half of 2020 of ₱2 billion, a 69% loss.

The second quarter earnings were reported to be ₱1.4 billion, a 62% drop. The first quarter net profit were reported to be ₱616 million, a 78% drop.

Isidro Consunji, chairman and president of DMCI, said “Most of our businesses showed resilience during the lockdown period since they belong to essential industries like power, mining and water distribution,”

Consunji added “Unfortunately, we were severely affected by low market prices,”

Semirara Mining and Power Corp. reported income of ₱1.3 billion, a 64% drop due to a fall in coal and power prices as well as sales volume.

DMCI Homes’ core profit share fell to ₱38 million, a 97% drop as quarantine refrained the company from accomplishing construction work and revenues.

Maynilad Water Services Inc., reported income of ₱847 million, a 24% drop as commercial and industrial sales dropped sharply during lockdown.

DMCI Power Corp. income increased to ₱256 million, a 10% increase as fuel costs fell and the company had higher power sales in Palawan.

DMCI Mining Corp. income increased to ₱184 million, a 6% increase as nickel ore exports improved.

DMCI decided to cut capital expenditure for the year to ₱19.4 billion, a 52% decrease as a way for the company to preserve cash for the difficult business environment brought about by the coronavirus pandemic.