Third-quarter profit plunged 33 percent year-on-year to P2.7 billion, weighed down by volatile energy markets, weather-related mining disruptions, and higher production costs.
Still, the real estate segment emerged as a bright spot, signaling steady demand and helping cushion the impact from weaker units.
What happened?
“The contraction was primarily due to weaker earnings from the integrated energy and construction segments, alongside the ongoing integration of the recently acquired cement business,” the company, which owns a minority stake in newly listed Maynilad Water Services, said in a stock exchange filing on Friday.
“Despite the challenges in some of the core businesses, the diversified portfolio provided resilience. Stronger performance from real estate, nickel mining, and off-grid power generation, as well as higher equity earnings from associates partially offset the decline,” it added.
Major drivers
• Semirara Mining and Power Corp. contributed P5.8 billion, down 34 percent amid weaker coal and electricity prices.
• DMCI Homes earnings rose 11 percent to P2.7 billion, driven by project completions and higher rental income.
• DMCI Power posted a record P985 million contribution on stronger energy sales and new contracts.
• DMCI Mining swung to a P726-million profit on robust nickel prices and expanded Zambales operations.
• Losses from Concreat Holdings Philippines and softer results from D.M. Consunji Inc. were offset by a 23 percent rise in equity earnings from associates to P3.1 billion.
—Edited by Miguel R. Camus
