DMCI Homes’ net profit surges to P4 billion

1 Mins read

MID-SEGMENT home developer unit DMCI Homes saw its net income for the first nine months surge by 692% to P4 billion, DMCI Holdings, Inc. told the exchange on Thursday.

The company said the increase from the P505-million income logged in the same period last year was driven by continued project construction and the downpayment recognition of new accounts.

Meanwhile, sales and reservations improved by 11% to P15.3 billion from P13.7 billion on the back of a “recovery momentum” and its higher average selling price. DMCI Homes said it saw demand for bigger units and prime lo-cations.

“We are seeing some improvement in demand but the real estate industry and our market, in particular, will take more time to rebound,” DMCI Homes President Alfredo R. Austria said.

“We expect sales and reservations to trend higher as the economy safely reopens and financial uncertainty tapers off for our target buyers, Mr. Austria added.

DMCI Homes said its consolidated core net income jumped by 202% to P3.3 billion from last year’s P1.1 billion.

Shares of DMCI Holdings went down by 0.50% or four centavos to P7.96 each on Thursday. — Keren Concepcion G. Valmonte