DMCI records 25% earnings decline in first quarter

May 8, 2024
10:03AM PHT

Consunji family-led DMCI Holdings Inc. saw a 25 percent decrease in net income to P5.6 billion during the first quarter of the year due to the weaker performance of its major businesses. 

Revenues during the period fell by 17 percent to P27.4 billion on lower coal, nickel and electricity prices while the construction segment recognized lower income, amplified by rising real estate cancellations. On the other hand, Maynilad Water Services and DMCI Power booked growth. 

“Market prices pose a significant challenge for us this year. We do not expect coal, nickel and electricity prices to recover to the highs of the past two years due to shifts in demand-supply dynamics,” said DMCI Holdings chair  and president Isidro A. Consunji.

“To mitigate these external challenges, we will focus on improving operational efficiency and refining our marketing strategies to enhance the value of our products and services,” he added.

Last month, DMCI announced the P17.6 billion acquisition plan of Cemex Philippines, which it hopes to close before the end of 2024. 

About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

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