DMCI Holdings logs a 78 percent decrease in earnings amounting ₱616 million in the first quarter of the year compared to ₱2.7 billion in the same period of 2019 due to weak performances its businesses recorded during the period, according to the Philippine Stock Exchange disclosure.
One-time losses amounted to P414 million due to sales cancellations for a DMCI Homes project in Davao, and a net loss of ₱91 million representing the company’s share in the accelerated depreciation of Calaca Units 1 and 2 last year.
“Our consolidated results were weighted down by operational headwinds, low market prices and the initial effects of the enhanced community quarantine (ECQ),” DMCI Holdings Chairman and President Isidro A. Consunji was quoted in a report.
“We expect the succeeding quarters to be even more challenging because of the full impact of the coronavirus containment measures,” he added.
From a net income of ₱481 million, it recorded core net loss of P197 million.
The enhanced community quarantine (ECQ) imposed on some areas resulted in lower margins for a number of projects and higher depreciation and productivity losses, from ₱359 million to ₱170 million.
Meanwhile, DMCI Power’s contribution went down from ₱100 million to P97 million due to lower electricity dispatch.
For DMCI Mining, its earnings dropped by 75 percent from ₱103 million to ₱26 million
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