DMCI Holdings says H1 net income up 21%

DMCI Holdings Inc. grew its core net income by 21 percent to P7.6 billion in the first half of the year from P6.3 billion a year earlier on the back of higher contributions across its power and property businesses.

"The growth was driven by the improved earnings contributions of Semirara Mining and Power Corporation (SMPC), DMCI Homes, and D.M. Consunji Inc. (DMCI)," Consunji-led DMCI Holdings said in a disclosure to the Philippine Stock Exchange on Friday.

Including a one-time gain of P111 million for the partial divestment of its stake in Subic Water in March 2016, its net income grew by 19 percent, the company said.

“We had a very good first half. Our performance in the second half will likely be more modest due to the higher strip ratio of SMPC compared to the first half,” DMCI Holdings chairman and president Isidro Consunji said.

“Majority of the new DMCI Homes projects are also scheduled for launch in the second half. However, we can only recognize revenues from these new projects once the collected payments reach our revenue recognition threshold. But I think we are on track to achieve our full year target of double-digit growth,” Consunji added. — Ted Cordero/VDS, GMA News