DMCI Income Up 79% to P5.8 B

Article excerpt

MANILA, Philippines - DMCI Holdings, Inc. reported a 79 percent surge in its consolidated net income (after minority interest) for the first nine months of 2010 to P5.8 billion from P3.2 billion the same period last year.The firm said in a disclosure to the Philippine Stock Exchange (PSE) that the inclusion of the new power business boosted the already significant growth in its construction, real estate and mining businesses."These along with the sustained contributions from water investments all added to the impressive bottom line," DMCI said.The operations in the Calaca power plant, the realization of works for the big-ticket construction projects, the growth in recognized real estate sales, and the improvement in coal mining caused the steep growth in consolidated net income.Income contribution from DMCI's construction business soared 139 percent to P1.41 billion from P820 million last year.D.M. Consunji, Inc. (DMCI), registered 9-month contributions of P903 million, doubling from the P445 million last year, as construction and engineering works from major building and infrastructure contracts reached optimum levels.DMCI's steel fabrication business, Atlantic Gulf and Pacific Company of Manila, Inc. (AG&P), reported a humunguous growth in contributions from P144 million in 2009 to P505 million in 2010 as work from new steel fabrication and yard works coupled by the continuing overseas manpower and commissioning services added to the significant improvement in operations. …