Diversified engineering conglomerate DMCI Holdings reported that its first-half consolidated net income soared 375 percent to P9.5 billion from the P2 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said “the sharp uptrend was due to the exceptional rebound of its subsidiaries, Semirara Mining and Power Corporation (SMPC), DMCI Homes and DMCI Mining.” Excluding a non-recurring gain of P1.2 billion this year, consolidated core net income surged 217 percent from P2.6 billion to P8.3 billion.

One-time items consist of the remeasurement of deferred tax liabilities as a result of the CREATE law and P586 million net loss mainly from sales cancellations for a real estate project last year.

“Coal and nickel prices were rallying while our production was ramping up so our second quarter was even better than our first quarter. Revenue recognition in our real estate business also improved on higher productivity,” said DMCI Holdings Chairman and President Isidro A. Consunji.

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For the second quarter alone, DMCI Holdings recognized consolidated net earnings of P5.2 billion, up by 269 percent year-on-year from P1.4 billion. Excluding nonrecurring items, core net income grew by 166 percent from P1.6 billion to P4.2 billion.

“We are within striking distance of returning to our pre-pandemic annual net income of P10.5 billion. Barring any major unforeseen events and if commodity prices hold up, we may be able to finish the year even stronger,” added Consunji.

SMPC contributed P3.7 billion, a near threefold increase from P1.3 billion owing to its all-time high coal production in the first quarter, all-time high shipments in the second quarter and strong rebound in coal and electricity spot prices.

Contributions from DMCI Homes soared 6,018 percent from P38 million to P2.3 billion on higher construction accomplishments and recognition of down payment from new accounts.

DMCI Mining accounted for P818 million, a 345 percent improvement from P184 million on the back of higher production, average grade and shipment amid a booming nickel market.

Affiliate Maynilad posted a 15 percent decline in contributions from P847 million to P718 million as quarantine measures led to a 3 percent drop in billed volume.

D.M. Consunji, Inc. contributed P484 million, 426 percent higher compared to P92 million last year owing to higher construction accomplishments and minimal coronavirus-related expenses.

Contributions from DMCI Power grew 5 percent from P256 million to P270million because of higher electricity sales to Masbate and Palawan.

Income from parent and others recovered by 132 percent from a net loss of P57 million to a net income of P18 million on the absence of expenses related to the COVID-19 pandemic.