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Manila Bulletin devider devider DM Consunji posts P335-M quarter profit

DM Consunji posts P335-M quarter profit

Published May 21, 2018 12:00 am
By James A. Loyola D.M. Consunji, Inc. (DMCI), the construction arm of DMCI Holdings, Inc., recorded a 33 percent jump in net income to P335 million in the first quarter of 2018 from P251 million in the same period last year. The firm said “the higher than expected performance is due mainly to accounting and work-related timing issues, which will normalize in the coming quarters.” Revenues increase 11 percent year on year from P3.1 billion to P3.5 billion mainly driven by building contracts, as infrastructure projects suffered delays resulting from unresolved right of way issues. DMCI said revenues from high-rise building projects surged 52 percent from P1.1 billion to P1.7 billion while infrastructure projects dipped 5 percent to P883 million compared to P930 million during the same quarter last year. Plant and utilities contracts dropped 32 percent from P459 million to P313 million while Energy projects declined 18 percent to P199 million from R244 million. Other project support businesses slid 12 percent to P244 million compared to P276 million last year. “The strong domestic economy is driving the property development sector and we expect to bag more building contracts in the coming quarter. New plant projects will also boost our order book,” said DMCI President Jorge A. Consunji.
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