DM Consunji infra revenues up 74% in Q1

Premier construction firm DM Consunji, Inc. (DMCI) saw its revenues from infrastructure projects surge 74 percent from P883 million to more than P1.5 billion during the first quarter of the year.

In a statement issued on Sunday, DMCI said its ongoing infrastructure projects include the Metro Manila Skyway Stage 3 (SS3), the SS3 Nagtahan Ramp, LRT (Light Rail Transit) Line 2 East Extension Project (Viaduct and Stations), TPLEX (Tarlac-Pangasinan-La Union Expressway) Bued, and the Cavite-Laguna Expressway (CALAEx).

In February, the Department of Transportation also awarded the consortium of DMCI and Marubeni Corp. the PHP3.2-billion contract to install the track works and electromechanical system (EMS) of the LRT-2 east extension.

“Hopefully, the LRT-2 EMS contract is just the start of more infrastructure projects for DMCI. We want to focus on helping the government implement its ‘Build, Build, Build’ program,” said Jorge Consunji, DMCI president and chief executive officer.

DMCI Holdings chairman and president, Isidro Consunji, told reporters on Thursday that they target to complete the EMS of LRT-2 east extension by the fourth quarter next year.

From January to March, DMCI recorded a 36-percent drop in revenues from building contracts. From P1.7 billion, building revenues slipped to P1.1 billion as most of the projects are near completion.

Revenues from energy projects expanded 202 percent to P602 million, while revenues from plant and utilities projects improved 29 percent to P404 million.

Accounting for P540 million in revenues are the ready-mix business and other project support activities of DMCI, which more than doubled at 122 percent from last year.

On a stand-alone basis, DMCI’s first-quarter revenues reached P4.2 billion, a 24-percent improvement year on year.

Net income during the same period grew 12 percent to P374 million on account of higher revenues. (PR)