DMCI Infra Revenues up 74% in Q1

Premier construction firm D.M. Consunji, Inc. (PSE: DMCI) saw its revenues from infrastructure projects surge 74 percent from PhP883 million to over PhP1.5 billion during the first quarter of the year.

Its ongoing infrastructure projects include the Metro Manila Skyway Stage 3 (SS3), the SS3 Nagtahan Ramp, LRT Line 2 East Extension Project (Viaduct and Stations), TPLEX Bued and the Cavite-Laguna Expressway (CALAEx).

In February, the Department of Transportation also awarded the consortium of DMCI and Marubeni Corporation the PhP3.2 billion contract to install the trackworks and electromechanical system (EMS) of the LRT2 east extension.

“Hopefully, the LRT2 EMS contract is just the start of more infrastructure projects for DMCI. We want to focus on helping the government implement its Build, Build, Build program,” said DMCI president and chief executive officer Jorge A. Consunji.

From January to March, DMCI recorded a 36-percent drop in revenues from building contracts. From PhP1.7 billion, building revenues slipped to P1.1 billion as most of the projects near completion.

Revenues from energy projects expanded 202 percent to PhP602 million while revenues from plant and utilities projects improved 29 percent to PhP404 million.

Accounting for PhP540 million in revenues are the ready-mix business and other project support activities of DMCI, which more than doubled (122%) from last year.

On a stand-alone basis, DMCI’s first-quarter revenues reached PhP4.2 billion, a 24-percent improvement year-on-year.

Net income during the same period grew 12 percent to PhP374 on account of higher revenues.