The conglomerate's second-quarter profits dropped 27 percent year-on-year to P4 billion due to weak energy prices and the ongoing integration of its newly acquired cement business.
Management’s view
“Business transition and integration take time, but our diverse business mix and engineering ecosystem continue to support the group. We believe that the improvements we are making today will lead to meaningful value for our stakeholders in the long run,” said chair and CEO Isidro A. Consunji.
Mixed segment results
Semirara Mining and Power contributed P2.3 billion, down 32 percent from last year, as soft power prices offset record-high coal shipments and energy sales.
DMCI Homes earned P678 million, an 8 percent dip, as operating and financing costs ate into improved revenue recognition.
Maynilad Water grew its contribution by 33 percent to P973 million, driven by higher tariffs and tight cost controls.
DMCI Mining rebounded strongly with P344 million in net income from a loss last year, helped by better nickel prices and ramped-up output from its Zambales mines.
Construction arm D.M. Consunji Inc. added just P18 million, plunging from P250 million due to delays and rising costs.
Newly consolidated Concreat Holdings posted a P682 million loss, hit by integration costs and weak cement sales, though recovery efforts are underway.
—Edited by Miguel R. Camus
