May 22, 2007
Updated 10:18:00 (Mla time)
MANILA, Philippines -- Conglomerate DMCI Holdings Inc. first-quarter net profit rose 20 percent to P289.5 million from P241.0 million a year before, driven by earnings of newly acquired Maynilad Water Services Inc. and gains in its real estate segment, DMCI said.
DMCI's net share in earnings of DMCI-MPIC Water Co. Inc., which recently acquired 83.9 percent of Maynilad, amounted to P137 million.
DMCI has invested P3 billion in a stake of 50 percent in DMCI-MPIC Water, a joint venture with Metro Pacific Investments Corp.
Maynilad, which distributes water to the western part of Metro Manila, posted an unaudited net profit of P440 million for the first quarter, DMCI said.
DMCI said its real estate business, under DMCI Project Developers Inc., had nearly doubled its first-quarter net profit to P109 million from P59 million a year before.
Its construction segment posted net profit of P12 million for the first quarter, reversing a net loss of P4 million a year earlier.
Net contributions from its coal mining business, operated by 58 percent-owned publicly listed Semirara Mining Corp., fell to P70 million from P173 million a year before, partly because of lower coal prices.
http://services.inquirer.net/express/07/05/22/html_output/xmlhtml/20070522-67306-xml.html
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