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Philippines' DMCI Holdings Corp H1 net profit rises 120 pct to 2.2
08.22.07, 5:01 AM ET
MANILA (Thomson Financial) - Philippine conglomerate DMCI Holdings Inc said Wednesday its first half net
profit rose 120 percent from a year ago to 2.2 billion pesos, boosted largely by one-off gains and income from its water distribution
In the second quarter, net profit rose to 1.8 billion pesos from 673 million the year before.
'The sharp increase
was mainly due to non-recurring items and contributions reported by the newly acquired water business along with the continuing
growth and improvement in the real estate and construction segments.
'Recovery in the coal mining business was also evident
as the company indicated some slight progress in its coal operations,' the company said in notes accompanying its results.
DMCI holds a 50 percent stake in DMCI-MPIC Water Co, a joint venture company formed with listed Metro Pacific
Investments Corp. The venture company posted earnings of 802 million pesos in the first half.
DMCI-MPCI late last year acquired Maynilad Water Services Inc which controls the water distribution business
in Metro Manila's west zone.
DMCI booked non-recurring profit of 1.4 billion pesos related to the takeover of the water business.
DMCI's real estate arm, DMCI Project Developers Inc boosted its earnings in the half to 261 million pesos
from 114 million the year before, on the back of higher sales.
Its construction unit, DM Consunji Inc raised its earnings by nine percent to 139 million, while its coal
mining subsidiary, listed Semirara Mining Corp earned 168 million.