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Private construction remains sluggish, says DMCI

Listed DMCI Holdings, Inc.’s construction firm D.M. Consunji, Inc. (DMCI) logged a lower order book in the first nine months amid weak private construction.

In a disclosure to the exchange on Monday, DMCI said its order book reached P51.7 billion as of end-September after securing new contracts worth P4.5 billion.

New contracts included a mall, medical building, power plants, and a train depot. It also booked additional work amounting to P2.6 billion from its ongoing projects.

“Private construction remains sluggish because of weak economic conditions. Bidding for big-ticket infrastructure projects is starting to pick up, and we hope to benefit from this soon,” DMCI President and Chief Executive Officer Jorge A. Consunji said in a disclosure to the exchange on Monday.

The P51.7-billion order book in the first nine months is 18% lower than DMCI’s P63.4-billion order book in the same period last year, which included a P958-million newly-awarded project.

However, DMCI swung to profitability in the third quarter after logging a net income of P143 million, a turnaround from the P155-million loss in the same period last year.

For the nine-month period, the company recorded a P785-million net income, a reversal of the P76-million net loss a year ago as eased quarantine restrictions led to higher construction accomplishments and “lower extraordinary costs related to COVID-19 (coronavirus disease 2019) containment.”

Some of DMCI’s recently completed major contracts include the Anchor Piers for the Cebu Cordova Link Expressway with Acciona of Spain, Ikea Pasay City with SM Prime Holdings, Inc., the Malampasan to Silang East section of the Cavite-Laguna Expressway, Bued Viaduct and Roadway, The Viridian in Greenhills, and The Royalton at Capitol Commons.

Ongoing projects include the viaduct and depot for the North-South Commuter Railway, section 1 of the NLEX-SLEX Connector Road, Skyway Stage 3 Quirino Ramp, Poblacion Water Treatment Plant, CAMANA Water Reclamation Facility, The Estate Makati, Empress and Maven at Capitol Commons.

On Monday, DMCI Holdings shares at the local bourse declined by 1.28% or 10 centavos to close at P7.69 apiece. — Keren Concepcion G. Valmonte

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