MARKET HEADLINE: SHORT SELLING BY OCTOBER

DMCI Holdings, Inc.
8-15

...not bad for DMC...not bad Smile

DMCI profit hits P5 billion in Q2

DMCI Holdings, Inc. registered a net income of P5 billion in the second quarter, up by nearly 39% compared with the P3.6 billion posted a year ago, with most of its business segments performing well except for the power business.

Consolidated revenues during the quarter hit P23.9 billion, higher by 31% from P18.3 billion in the same three months last year, the Consunji-led firm said on Tuesday.

In the first half, net income reached P9.2 billion, an increase of 21% compared with the P7.6 billion in the same period last year due to the higher contributions from the firm’s coal and nickel mining, real estate, construction and water businesses.

“All of our businesses fared well except for our power subsidiaries,” said DMCI Holdings Chairman and President Isidro A. Consunji said in a statement.

He said the unplanned and prolonged outages of Sem-Calaca Power Corp. and Southwest Luzon Power Generation Corp. “cut into the profitability” of parent firm Semirara Mining and Power Corp. (SMPC).

Consolidated revenues during the semester reached P44.2 billion, up 19% from P37.1 billion during the same period last year.

“DMCI Power [Corp.] continues to implement a lower provisional tariff for its Aborlan power plant because its motion for recomputation is still under review with the Energy Regulatory Commission (ERC),” Mr. Consunji said.

DMCI Holdings’ core net income during the first half rose by 10% to P8.6 billion from P7.8 billion a year ago. It excluded the P715-million one-time gain of the sale of an undeveloped lot by DMCI Homes, Inc. and a P69-million one-off refinancing cost of Maynilad Water Services, Inc.

For the second quarter alone, the firm’s core net income rose by 16% to P4.2 billion from P3.6 billion.

SMPC recorded a 3% rise in net income contributions to P4.6 billion from P4.5 billion because of higher coal sales and coal prices.

Excluding the one-time gain, DMCI Homes contributed P1.7 billion in earnings, up 7% from P1.6 billion in the previous year. The improvement was attributed to a 12% growth in revenues and a 4% rise in reservation sales.

Mr. Consunji identified the non-recurring gain as the sale of a 1.9-hectare property near the LRT Balintawak station. He said the asset was sold at a price more than three times the acquisition cost.

The net income contributions of affiliate Maynilad went up by 16% to slightly more than P1 billion from P877 million due to a 3.4% increase in billed volume and a 2.8% inflationary tariff adjustment.

Construction arm D.M. Consunji, Inc. booked a 36% increase in net income share to P676 million from P497 million after the “higher accomplishment in building projects and the realization of variation orders from projects nearing completion.”

Off-grid energy supplier DMCI Power contributed P214 million in net earnings, up 6% from P228 million last year.

“The decrease mainly resulted from the lower-than-expected provisional tariff granted to its Aborlan power plant in Palawan,” the company said.

Attributable net income from DMCI Mining Corp. jumped 309% to P221 million from P54 million, “fueled by higher shipments from the old stockpile and shipment of more high-grade nickel ore,” the holding firm said.

Other income during the first half more than doubled to P88 million from P27 million due to higher interest income.


source: http://www.bworldonline.com/dmci-profit-...ion-in-q2/
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8-17

...this is not good news Sad

DMCI Mining expects no shipments of nickel in the second half of 2018

DMCI Mining Corp. said nickel shipments went up by 88% in the first half of 2018, but expects no shipments to be made in the second semester due to the shutdown of its Zambales operations as well as the depletion of its stockpile in Palawan.

The Consunji-led miner said in a statement that it shipped 482,762 wet metric tons (WMT) from January to June, higher than the 257,120 WMT it shipped in the same period a year ago.

The average selling price per metric ton of nickel stood at $39, 10% higher than its price of $35 in the same period a year ago. Average nickel grade also improved by 11% to 1.73%. In the second quarter alone, average nickel grade rose by eight percent to 1.75%.

“We had a really good first semester. Our subsidiaries were able to ship more high-grade nickel ore at a higher selling price,” DMCI Mining President Cesar F. Simbulan, Jr. was quoted as saying in a statement.

Around 430,000 WMT came from the old stockpile of Berong Nickel Corp. (BNC) in Palawan, while the remaining 50,000 WMT were sourced from Zambales Diversified Metals Corp. (ZDMC).

BNC shipped 327,000 WMT in the second quarter alone, while ZMDC had no shipments since it has yet the secure its port permit.

The positive performance for the first semester came amid the closure of ZDMC and a suspension order against BNC, following the government’s crackdown on mining firms last year. The Department of Environment and Natural Resources (DENR) however allowed suspended mining companies to ship out their old stockpile to limit the possible accumulation of silt in nearby bodies of water.

DMCI Mining is expecting a slower performance in the second half, given the continued suspension of its mining operations.

“We project no shipments in the second half. In Zambales, we have a problem with existing suspension. In Palawan, mas madali mag-ship pero weather lang ang hinihintay (it’s easier to ship but we have to wait for good weather), it’s not cooperative,” DMCI Mining Chief Finance Officer Aldric G. Borlaza said in a press briefing in Makati City on Monday.

“Di ka pwede mag-mine ng bago (You cannot start a new mine), you can only sell existing stockpile. Once you’ve declared it before (the suspension), once verified before the DENR, you are allowed to ship,” he added.

Mr. Borlaza said they currently have around 500,000 WMT in BNC, which could last until the second quarter of 2019. The company is eyeing two shipments a month, with 50,000 WMT for each shipment.

Meanwhile, the company has around 250,000 MT of mid-grade nickel from ZMDC, but this will only be shipped depending on demand from the market.

Asked whether the company has talked with DENR regarding the suspension order against mining firms, Mr. Borlaza said there are ongoing discussions but the department has yet to decide whether to reverse the existing order.

DMCI Minings saw its net income soar by 978% to P248 million in the second quarter of 2018. This pushed earnings for the first half by 731% to P316 million, amid a 144% increase in revenues to P978 million for the period.


source: http://www.bworldonline.com/dmci-mining-...f-of-2018/
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8-23

...nice project for students...iba na talaga ang panahon ngayon, mapepera na mga pamilya di katulad ng panahon namin noon

DMCI to pour P49 billion into socialized housing, students’ high-rise dorms

CONGLOMERATE DMCI Holdings Inc. may start its foray into socialized housing and a condominium and dormitory project, which it is targeting for students.

Officials, however, said they are not expecting to earn from the socialized housing project, which it may sell for less than half a million pesos, a government-mandated value for each unit.

“But we want our people to benefit from our efforts,” said Isidro A. Consunji, the company’s chairman and president.

“We did a survey and we found out that most of our people in Calaca do not have houses. So we decided to start there,” he said.

DMCI operates the 600-megawatt thermal coal power plant in Calaca, Batangas.

Consunji said they are already talking to a subcontractor to carry out the project, which it plans to copy in other parts of the country.

“Whether it’s a big project or a small project, it needs to have very good people so initially, we wanted it to have a flushing toilet but there’s a price limit so there are challenges involved. But even if it’s socialized housing, it should be good,” he said.

Its housing unit DMCI Homes will carry out the project. Alfredo Austria, DMCI Homes president, said it may commence construction next year since it is still securing permits.

Austria said the company is also pursuing a dormitory project, involving the construction of a 40-story building, three-tower project in Davao and another one in Vito Cruz.

“We are still asking for approval for the height of the building,” he said, adding it is mostly geared for students.

The project will be launched within the year and involved units between 12 square meters (sq m) and 40 sq m.

DMCI earlier said it will launch eight high-rise projects in Davao, Las Piñas, Manila, Parañaque, Pasay, Pasig and Quezon City.

The projects will have an expected sales value of P49 billion.


source: https://businessmirror.com.ph/dmci-to-po...ise-dorms/
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8-24

DMCI Power sales jump 20% in 2nd quarter

SALES OF DMCI Power Corp. (DPC) rose by a fifth in the second quarter of 2018, driven by the demand for electricity in Palawan, Mindoro, and Masbate.

The power unit of listed conglomerate DMCI Holdings, Inc. said consolidated sales reached 79.93 gigawatt hours (GWh) in the April to June period, 20% higher than the 66.57 GWh it sold in the same period a year ago.

This brought DPC’s sales volume in the first half to 142.91 GWh, 19% higher than the 120.42 GWh seen in the first semester of 2017. The bulk of sales came from Palawan, accounting for 43%, while Masbate had 37% and Mindoro had 20%.

“The dramatic growth was principally due to the National Power Corporation, local government units and electric cooperatives, and their collective effort to address line issues in the missionary areas,” DPC President Nestor D. Dadivas was quoted as saying in a statement.

DPC sold a total of 61.57 GWh to Palawan Electric Cooperative (PALECO) during the first half, 30% higher than what it delivered in the same period a year ago. The company attributed the increase to Palawan’s growing tourism industry.

Energy sales to Masbate Electric Cooperative (MASELCO) also went up 11% to 53.10 GWh during the first half, as the company noted the expansion of commercial businesses in the area.

In Mindoro, 28.24 GWh were sold to Oriental Mindoro Electric Cooperative, 13% higher year-on-year. The company was able to maximize its plant capacity following Mindoro’s rehabilitation of its 69Kv transmission lines.

“With their continued rehabilitation of distribution lines, improvement of transmission lines and prioritization of new interconnection facilities, DPC can supply more electricity to more communities in the next 12-48 months,” the company said.

Aside from MASELCO, ORMECO, and PALECO, DPC also sells electricity to Sultan Kudarat Electric Cooperative. Founded in 2006, DPC provides electricity to areas not connected to the main transmission grid.

Earlier this year, DPC said it will be spending P160 million to acquire seven new diesel generating sets for its Masbate and Palawan operations. The new units will have a total capacity of 11.2 megawatts, raising its generation capacity in the two missionary areas to 90 MW, 14% higher than what it had last year. 


source: http://www.bworldonline.com/dmci-power-s...d-quarter/
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ang lakas neto, sana umabot ng 14 pesos
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9-27

....kain lang Smile

DMCI Homes posts P7.5-B sales from Pasig City condo project

THE property unit of DMCI Holdings, Inc. has almost sold out its condominium development in Pasig City, bringing in more than P7.52 billion in sales.

In a statement issued Wednesday, DMCI Homes said Fairlane Residences in Kapitolyo, Pasig City has recorded the figure after selling 99% of the 1,140 units in the residential condominium. The project now has only eight units left in its inventory.

The 51-storey project offers two-bedroom and three-bedroom units covering 52 to 81 square meters each. These are sold from P7.14 million to P12.88 million, according to prices listed on the company’s website.

Fairlane Residences sits on a 6,105-sq.m. lot in West Capitol, Kapitolyo. The project is accessible through Boni station of the Metro Rail Transit Line 3 and major roads such as EDSA, Pioneer Street, Shaw, and Pasig boulevards.

Aside from the existing infrastructure projects surrounding the property, the company is also banking on the construction of the Bonifacio Global City-Ortigas Center Link Road, which is expected to improve travel within the cities of Pasig, Mandaluyong, Taguig, and Makati.

DMCI Homes targeted urban dwellers and young families for the project, who can benefit from the resort-inspired amenities and spacious living areas. The company expects to complete the single-tower project by 2024.

Fairlane Residences is among DMCI Homes’ projects that is expected to boost the earnings for this year. In the first six months of 2018, the company delivered a net income of P2.49 billion, 41% higher than the P1.76 billion it posted in the same period a year ago.

Reservation sales stood at P23.01 billion from January to June, accounting for more than half of its full-year target of P40 billion. DMCI Homes earlier aimed for P31 billion in reservation sales for 2018, but upgraded its target after seeing higher sales in the first half.

The company attributed its performance to the positive feedback of former clients, enhancing the value of the brand for potential customers.

“We’d like to think we have gained a strong following because of our track record of building homes that are of high-quality and value for money. For us, it has always been about whether we are making our customers happy. With the consistent strong sales of our projects, we feel this is bearing fruit for the company,” DMCI Homes President Alfredo R. Austria said in a statement.

DMCI Homes expects to maintain the pace of reservation sales for the second half of the year, banking on the projects set to be launched in Parañaque, Manila, Quezon City, Las Piñas, and Pasay. 


source: https://www.bworldonline.com/dmci-homes-...o-project/
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11-14

...DMCI earnings dragged down by SCC

Semirara drags DMCI Holdings’ net income lower in Q3
 
CONSUNJI-LED DMCI Holdings, Inc. reported a 44% drop in earnings for the third quarter of 2018, weighed down by the weakness of its coal energy business that makes up around half of its portfolio.

The diversified engineering conglomerate posted a consolidated net income of P2.3 billion from July to September, versus the P4.1 billion it realized in the same period a year ago.

This brought the listed company’s nine-month consolidated profit to P11.5 billion, 2% lower than the P11.7 billion booked last year. Without one-time gains worth P715 million from the sale of an undeveloped lot by its housing unit and other one-time costs, DMCI Holdings’ core profit was down by 8% to P10.8 billion.

Revenues meanwhile rose by 3% to P60 billion during the nine-month period.

“Semirara (Mining and Power Corp.) is down, it’s about 50% of the portfolio that’s why it spilled over to the whole group. But the other drivers are positive… all drivers are double-digit growth,” DMCI Holdings Vice-President and Senior Finance Officer Brian T. Lim told reporters in a press briefing in Taguig City late Monday.

Nine-month income contributions from SMPC fell 22% year-on-year to P5.1 billion due to heavy rains in July and August, as well as the seven-month shutdown of Southwest Luzon Power Generation Corporation (SLPGC) Unit 1, way beyond its programmed outage of around 45 days.

DMCI Holdings Chief Finance Officer Herbert M. Consunji noted that the power plant has business interruption insurance, which covers the loss of business income due to damage to the insured asset, amounting to P1 billion.

“We have collected around P300 million from that P1 billion, but what Semirara wants is to recognize the insurance when the whole of it has been paid within the year,” Mr. Consunji said during the briefing.

Mr. Consunji expects Semirara to recover from business interruptions in the fourth quarter.

Meanwhile, DMCI Homes delivered a 29% increase in income contribution to the parent to P3.4 billion. The property developer recognized a one-time gain on the sale of an undeveloped lot in Quezon City during the period. It also benefited from the 7% increase in reservation sales.

The company booked P1.5 billion from net income contributions form affiliate Maynilad Water Services, Inc., 11% higher year-on-year, due to a 2.8% uptick in bulled volume, 2.8% tariff adjustment due to inflation, and an improved consumer mix.

The construction arm through DM Consunji, Inc. saw its net income share grow by 12% to P952 million. The unit recorded higher accomplishment in building projects and further realized variation orders from projects close to completion.

DMCI Power Corp. provided P337 million, higher than 4% from last year’s P324 million. The off-grid energy business logged a 25% increase in electricity sales volume, but was dragged by lower-than-expected provisional tariff for its Aborlan bunker plant in Palawan.

For DMCI Mining Corp., net income contribution rose by 14% to P133 million, after shipping 482,762 wet metric tons of higher grade nickel ore from its old stockpile.

Sought for comment, Regina Capital Development Corp. Equities Analyst Rens V. Cruz II called DMCI Holdings’ third quarter figures “underwhelming,” but noted that full-year performance remains on track.

“(W)eakness emanated mostly from cyclical considerations. Heavy downpour in 3Q led to weaker SCC (Semirara’s ticker symbol), nickel mining earnings, while (DMCI) Homes registered a one-off in 9M17. These are mostly factors that are not expected to spill over significantly in the coming periods,” Mr. Cruz said in a mobile message.


source: https://www.bworldonline.com/semirara-dr...wer-in-q3/
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11-16

...Semirara must return to becoming a performer, otherwise DMC's bottomline would be unimpressive

DMCI unit secures contracts worth P10B

D.M. CONSUNJI, Inc. (DMCI) secured P10.6 billion worth of new contracts in the first nine months of 2018, as it was engaged mostly by private firms for building projects.

The construction arm of diversified engineering conglomerate DMCI Holdings, Inc. said the newly-signed projects pushed its order books eight percent higher to P28.5 billion, compared to the same period a year ago.

Its newly-signed projects include Ortigas and Company’s residential condominium called Connor worth P1.1 billion, STRC Apartment Ridge of ST 6747 Resources Corp. worth P1.3 billion, and the DLS College of St. Benilde Academic Sports and Dormitory Buildings, among others.

To note, ST 6747 Resources Corp. is the joint venture firm between the SM Group and tycoon George S.K. Ty’s Federal Land, Inc. for the development of a residential condominium in Makati City, on a property considered to be the last parcel of undeveloped land in the business district.

D.M. Consunji has also been tapped for the Metro Manila Skyway Stage 3 Nagtahan Rampway worth P1 billion.

The company’s major ongoing projects include the Cavite-Laguna Expressway project of MPCALA Holdings, Inc., Prima Infra Dev. Corp.’s Bued Viaduct and Roadway, LRT Line 2 East Stations under the Department of Transportation, Ortigas & Company’s Maven at Capitol Commons, and Anchor Land Holdings, Inc.’s Anchor Grandsuites.

“Right now our order book is skewed toward private sector-led construction projects but we expect more big-ticket projects under the Build, Build, Build program to come on-stream within the next few months,” D.M. Consunji President and Chief Executive Officer Jorge A. Consunji said in a statement.

The company is currently bidding for the first package of the North-South Commuter Railway (NSCR), which seeks to connect Tutuban, Manila to Malolos, Bulacan. The project will have a capacity of 100,000 passenger per hour, reducing travel time from Tutuban to Malolos to about 35 minutes from two hours before.

The project will be partially funded by Japan’s official development assistance loan signed in 2015. The government targets to start the project by next year.

“2019 will be a busier year for public construction, and we are very eager to participate in this infrastructure modernization program of the government,” Mr. Consunji said.

Earnings of D.M. Consunji rose by 19% to P343 million in the third quarter of 2018, pushing its nine-month profit 21% higher to P1.1 billion.


source: https://www.bworldonline.com/dmci-unit-s...orth-p10b/
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