DMCI books P3.5-B construction deal

MANILA -- Construction firm D.M. Consunji, Inc. (DMCI) has signed construction contracts worth PHP3.5-billion in the third quarter of 2017, including the rehabilitation of La Mesa Water Treatment Plant 2 in Quezon City operated by DMCI subsidiary Maynilad Water Services Inc.

DMCI told the local bourse its newly-signed projects also include a 32-storey condominium building of Grand Pine, Inc., Maven at Capitol Commons of Ortigas& Co., and a petrochemical plant of JG Summit Petrochemical Corp.

These projects brought its total construction order book to PHP28.6 billion.

“We expect to sustain our double-digit earnings growth for the whole year. We have a healthy order book from repeat clients and leading corporations,” said DMCI President and Chief Executive Officer Jorge A. Consunji.

From January to September this year, DMCI was able to sign over PHP14 billion worth of new contracts, an 88 percent improvement from PHP7.9 billion last year.

DMCI’s net income during the same period increased 35 percent from PHP670 million to PHP904 million due to higher percentage of completion for ongoing projects and additional revenue from contract modifications.

Meanwhile, some of the major ongoing projects include Sections 1 and 2 of Citra Central Expressway Corporation's Metro Manila Skyway Stage 3 project, the Cavite-Laguna Expressway project (Laguna portion) of MPCALA Holdings, the Bued Viaduct and Roadway of Private Infra Development Corporation, Six Senses Resort of Federal Land, Anchor Grandsuites of Anchor Land Holdings and NCCC Mall of LTS Malls, Inc. (PNA)