DMCI Revenues Up 11% on Building Projects
D.M Consunji, Inc. ( DMCI ) saw its first – quarter standalone revenues increase 11 percent year on year from P 3.1 billion to P 3.5 billion mainly driven by building contracts , as infrastructure projects suffered delays resulting from unresolved right of way issues.
Revenues from high – rise building projects surged 52 percent from P 1.1 billion to P1.7 billion while infrastructure projects dipped 5 percent to P 883 million during the same quarter last year.
Plant and utilities contracts dropped 32 percent from P459 million to P 313 million while Energy projects declined 18 percent to P 199 million from P 244 million . Other project support businesses slid 12 percent to P 244 million compared to P 276 million last year.
On a standalone basis, DMCI recorded a net income P 335 million from January to March , up 33 percent from P 251 million the prior – year quarter. The higher than expected performance is due mainly to accounting and work – related timing issues , which will normalize in the coming quarters.
”The strong domestic economy is driving the property development sector and we expect to bag more building contracts in the coming quarter . New plant projects will also boost our order book,” said DMCI President jorge A. Consunji.