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DMCI seen posting P5-billion earnings in H1 — News and photos on Allbiz Philippines
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DMCI seen posting P5-billion earnings in H1 — News and photos on Allbiz Philippines
All.BizPhilippinesNewsEconomyDMCI seen posting P5-billion earnings in H1

DMCI seen posting P5-billion earnings in H1

14 Jul 2011 18:27 | Economy

MANILA, Philippines - Consunji-led DMCI Holdings Inc. said it expects its earnings to reach a little less than P5 billion in the first half of the year, mainly driven by strong contributions from its construction, mining, real estate, water and power businesses.

DMCI Holdings president Isidro Consunji said the company's likely first semester income will be significantly higher than the P4.18 billion recorded the same period last year.

DMCI reported a 67-percent growth in net profit last year to P7.9 billion, boosted by the full year operations of the Calaca power plant. Mining was the biggest contributor to DMCI's bottom line, accounting for P2 billion or 26 percent of total.

Maynilad Water Services Inc., the company's investment in the water sector, through a partnership with Metro Pacific Investments Corp. pumped in P1.88 billion or 24 percent of 2010 profit.

Construction and real estate comprised 16 percent or over P1.2 billion while the power business chipped in P847 million or 11 percent of total earnings.

DMCI has a 58-percent stake in Semirara Mining Corp., which added significant value to existing coal mining operations with its entry into power generation.

The group is aiming to produce a total of 1,550 megawatts of power by 2013 from zero in 2009. This will be done through the rehabilitation of the Calaca plant and the addition of the 600-MW brownfield project.

Unit DMCI Power Corp. is considering putting up a 1,200-MW power plant in Calaca, Batangas which would be on top of the existing 600-MW Calaca coal-fired facility.

Source:  Phil Star

Rubric news: Economy

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