Makati— (PHStocks)—Diversified engineering conglomerate DMCI Holdings Inc. (PSE: DMC) recorded PhP12.3 billion in consolidated core net income in 2015, a 20 percent increase from PhP10.3 billion the previous year.
“Our growth was driven by the strong performance of all our investments. Despite weak commodity prices and project execution delays, we were able to meet our profit guidance for the year,” said DMC Chairman and President Isidro A. Consunji.
Higher profits from energy generation pushed net income contributions from Semirara Mining and Power Corporation to rise 18 percent to PhP4.8 billion compared to PhP4.1 billion in 2014.
Middle-income developer DMCI Homes continued to deliver robust growth due to recognition of sales from completed high-rise projects. Its net income contribution improved by 11 percent from PhP3.2 billion to PhP3.6 billion. Excluding the effect of a gain on sale of undeveloped lot in 2014, net income actually rose by 18 percent compared to last year.
Continued improvement in operational performance and a 4 percent increase in billed volume in 2015 pushed net earnings contribution of affiliate Maynilad to grow by 17 percent to PhP2.3 billion from the PhP2 billion reported the prior year.
Better gross profit margins from ongoing projects in 2015 drove the net income contributions of D. M. Consunji, Inc. to PhP628 million, a 35 percent jump from the PhP464 million reported in 2014.
Net income contributions from DMCI Mining Corp. expanded 38 percent to PhP501 million, compared to PhP362 million in 2014. Higher sales volume and streamlined operating costs helped mitigate the impact of declining nickel ore prices on the company’s bottom line.
Meanwhile, off-grid supplier DMCI Power Corp. contributed PhP382 million, a 57 percent improvement from PhP243 million the previous year. The upsurge was due to the increased energy dispatch of its power plants in Palawan, Masbate and Oriental Mindoro.
DMCI Holdings also reported a PhP530 million one-time gain on sale of its 25 percent share in Private Infra Dev Corp. (PIDC), the project proponent and operator of the Tarlac-Pangasinan-La Union Toll Expressway (TPLEX).
With the one-time gain on sale, consolidated net income of DMCI Holdings rose 19 percent from PhP10.8 billion to PhP12.8 billion.