Conglomerate DMCI Holdings Inc. said net income in the first quarter rose 18 percent to P2.7 billion from P2.2 billion year-on-year, fueled by the growth of real estate, water and power businesses.
DMCI said in a financial report filed with the Philippine Stock ExchangeÂ consolidated revenues in the first three months of 2012 jumped 20 percent to P13 billion from P10.8 billion a year ago.
â€œDespite a slight dip in coal mining and general construction contributions, growth in the nickel mining segments along with the sustained improvement in the real estate, water and power segments caused the increase in the companyâ€™s bottom figure,â€ DMCI said.
The companyâ€™s real estate business recognized an 81-
percent increase in net contributions to P405 million in the first quarter of 2012 from P224 million last year, as realized housing sales rose 51 percent to P1.7 billion.
Reservation sales for the period, however, dipped slightly to P5.3 billion from P5.4 billion in 2011.
The groupâ€™s water business, through its 44.6-percent stake in Maynilad Water Services Inc., posted a 23-percent increase in net contributions to P611 million from P498 million last year.
The group attributed the higher net income contribution to the 10-percent increase in Mayniladâ€™s billed volume and the drop in non-revenue water to 45.43 percent from 51.58 percent last year.
Revenues from the groupâ€™s construction business, meanwhile, posted lower net contributions of P282 million compared with P362 million last year on lower margins of the majority building projects the company is currently working on.
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