MANILA -- Engineering conglomerate DMCI Holdings on Wednesday reported a 20 percent downturn in its 2023 net income to P24.9 billion.

Contributions from its real estate arm DMCI Homes increased by 2 percent to P4.6 billion. while affiliate water utility Maynilad contributed P2.1 billion, a 42 percent improvement from P1.5 billion the year prior.

Contribution from DMCI Power grew by 29 percent to P959 million on increased gross generation and electricity dispatch.

These strong numbers, however, were offset by lower contributions from the nickel and construction subsidiaries: DMCI Mining's contribution plunged by 49 percent on lower nickel prices and higher shipping costs.

Contributions from Semirara Mining and Power Corporation fell by 30 percent to P15.8 billion from P22.7 billion on the combined effect of all-time high coal shipments and electricity sales amid stabilizing prices.

D.M. Consunji, Inc. also showed a 2 percent drop in net income from P587 million to P573 million due to lower project accomplishments on fewer ongoing projects.

DMCI Holdings said its net income for the first 9 months of the year went down 28 percent to P20 billion on the back of normalizing coal and nickel prices.

DMCI reports drop in net income in first 9 months of 2023

DMCI net income down 22 pct in first half of 2023

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