May 22, 2007
Updated 02:52:59 (Mla time)
Construction-based conglomerate DMCI Holdings Inc. reported a 20-percent rise in consolidated net income in the first quarter to P289 million from P241 million in the same period last year, citing largely contributions from newly acquired interest in water distribution and a boom in real estate.
Late last year, DMCI, with Metro Pacific Investments Corp., won a government auction for the water concessionaire Maynilad Water Services Inc., which serves the western zone of Metro Manila and nearby areas.
DMCI initially invested P3 billion for a 50- percent share in DMCI-MPIC Water Co. Inc. (DMWC), which holds 84 percent of Maynilad.
DMCI’s net share in earnings of DMWC amounted to P137 million, accounting for much of the increase in the DMCI consolidated profit.
Maynilad reported an unaudited first-quarter net income of P440 million.
DMCI’s wholly owned housing subsidiary, DMCI Project Developers Inc. (PDI), said its first- quarter net income soared to P109 million from P59 million last year due to sustained demand for housing in Metro Manila.
DMCI’s construction unit turned in a profit of P12 million in the first quarter, in a reversal from a net loss of P4 million in the same period last year, thanks revenue from ongoing projects.
Initial works on new projects, Shangri-La Boracay and Robinson Cybergate Tower, with a total contract amount of P1.5 billion, added P165 million to the revenues in the first quarter.
DMCI’s coal mining business, operated by 58 percent-owned Semirara Mining Corp., did not do as well in the first quarter, with net contribution of only P70 million as compared with P173 million in the first quarter of 2006.
http://services.inquirer.net/express/07/05/22/html_output/xmlhtml/20070522-67255-xml.html
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