DMCI more than doubles profit to P2B in first half

DMCI more than doubles profit to P2B in first half.
DMCI Holdings Inc., the holding firm for the business interests of the Consunji family, more than doubled its net income in the first half this year to P2 billion, from P843 million the previous year-period, driven by non-recurring gains, higher contributions from its newly-acquired water business, and the continuing growth of its real estate and construction business. Net earnings from 50-percent owned DMWC, the company"s joint venture with MPIC which consolidates Maynilad Water Services Inc., amounted to P1.455 billion. This was mainly due to a non-recurring negative goodwill worth P4.4 billion booked by DMWC in the second quarter. DMCI expects that the water segment will provide substantial net recurring income with not just the prospects in basic water services provided by Maynilad but also in the engineering requirements and opportunities as the company"s construction segment was recently awarded P423 million worth of water system works.


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