Diversified engineering conglomerate DMCI Holdings, Inc. (PSE: DMC) booked P9.9 billion in consolidated net income in the first nine months of 2015, a 31 percent rise from the P7.5 billion reported during the same period last year.

Excluding one­time gain on the sale of its stake in Private Infra Dev Corp. (PIDC) to Rapid Thoroughfares Inc. of San Miguel Corporation, the core net income of the Consunji­led holding firm grew 24 percent to P9.3 billion from P7.5 billion.

PIDC is the concessionaire for the Tarlac­Pangasinan La Union Expressway.

Higher income contributions from its coal energy, real estate, off­grid power, construction and water distribution businesses boosted the company’s profit performance.

“Despite challenging market and operating conditions, our investments delivered robust growth during the first nine months of the year. We are focused on sustaining this momentum to achieve our full year profit target of P12 billion,” said DMC Chairman and President Isidro A. Consunji.

Consolidated core EBITDA improved 36% percent to P18.7 billion from P13.7 billion the previous year, while earnings per share swelled 31% to P0.74 from P0.57 during the same reporting period.

Major Contributors

Semirara Mining and Power Corporation (SMPC) contributed P3.5 billion to DMC’s bottom line, a 59% increase from the P2.2 billion declared last year. This was due to the improved output and sales of its power generation segment.

Gross power generation of SMPC’s Calaca power units surged 81% to 3,163 GWh from 1,748 GWh while cost of power sales decreased 50% to P3.5 billion from P7 billion. With its power units operating reliably this year, SMPC was able to sustain its normal costs levels.

DMCI Homes contributed P2.7 billion, a 4% uptick from the previous year owing to higher recognized revenues from completed high­rise projects in the first quarter. Excluding the effect of a gain on sale of undeveloped lot last year, net income actually rose by 12% during the said period.

Higher billed volume and improved operational efficiency pushed profit contribution from affiliate Maynilad Water Services to grow 25% from P1.4 billion million to P1.7 billion.

Other Income

Income contributions from DMCI Mining reached P643 million, a 26% drop compared to last year’s P870 million. The downswing was attributed to lower nickel prices, higher asset depreciation and depletion, and higher effective tax this year.

Core business D.M. Consunji, Inc. contributed P361 million, a 3% improvement from the P350 million last year. This was due mainly to improved margins from approved variation orders of completed works.

Profit contribution from DMCI Power surged 62% to P305 million from P188 million last year. Higher electricity sales in Oriental Mindoro, Masbate and Palawan accounted for the significant growth.

Contribution from the Parent and other investments grew by 180% to P62 million during the same period.