Tycoon Isidro Consunji said the family conglomerate is shifting gears to focus on cost and efficiencies after earnings dropped 32 percent to P5.5 billion in the first half of 2024.
“We are now in the new normal. Market prices and global supply chains have normalized, so our challenge is to strategically manage costs, optimize operational efficiency, and capitalize on synergies across our business units,” Consunji, the chair and president of DMCI, said on Tuesday.
Earnings in the first half were impacted by weaker performances in the energy, real estate, and nickel mining sectors. However, improved results from the water, off-grid power, and construction businesses helped mitigate the overall decline.
Excluding non-recurring items, core net income also fell by 32 percent to P5.5 billion from P8.1 billion.
Quarterly contribution breakdown:
Semirara Mining and Power Corp.’s net income fell by 41 percent to P3.4 billion due to normalized energy markets, though higher coal and electricity sales volumes helped.
DMCI Homes contributed P737 million, down 43 percent due to lower real estate revenues and higher operating expenses, partially offset by joint venture revenues, rentals, and forfeitures.
Maynilad Water Services’ net income rose by 54 percent to P732 million, driven by increased billed volume, higher tariffs, and slower cost growth.
DMCI Power hit a record P355 million, up 54 percent, due to higher power dispatch and lower fuel costs. D.M. Consunji’s contribution rose by 73 percent to P240 million, due to lower costs and higher finance income.
DMCI Mining posted a net loss of P43 million, reversing from a P250 million profit last year, due to weak market prices, reduced shipments, and costs at its Palawan mine.
