Consunji-led DMCI Homes nearly doubled its net income in the third quarter of the year, which the company attributed to lower construction costs during the period.
In an emailed statement, the mid-income developer said its net income surged 68% to P1 billion in the July to September period from P626 million.
Despite this, year-to-date earnings fell 73% to P505 million from P1.9 billion, due to the combined effect of lower construction accomplishments and one-time losses from sales cancellations.
“The pandemic really battered our productivity. Our projects got delayed by one to three months because of the 76-day work stoppage in the first semester… Since we follow the percentage-of-completion method for revenue recognition, our booked revenues contracted on lower construction accomplishments,” DMCI Homes president Alfredo Austria said.
The company said it is is scheduled to complete 10 new projects by the end of the year, part of Mulberry Place, Lumiere Residences,