Leading mid-segment residential developer DMCI Homes reported that its net income soared 692 percent to P4 billion in the first nine months of the year from P505 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said the surge in profits is mainly due to higher construction accomplishments and down payment recognition from new accounts.

Excluding a non-recurring loss of P609 million last year primarily for sales cancellations for a project and a non-recurring gain of P640 million from the remeasurement of deferred tax liabilities as a result of the CREATE law, consolidated core net income jumped 202 percent to P3.3 billion from P1.1 billion.

DMCI Homes posted an 11 percent growth in nine-month sales and reservations to P15.3 billion in the first nine months of 2021 from P13.7 billion in the same period last year on the back of recovering momentum and higher average selling price.

“Loosening quarantine restrictions allowed the company to expand its sales and marketing activities while demand for bigger units and prime locations account for the price uptick,” the firm said.

DMCI’s top-selling projects include The Oriana in Quezon City, Allegra Garden Place and Satori Residences in Pasig City, Alder Residences in Taguig City and The Camden Place in Manila.

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

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

Source: Manila Bulletin (https://mb.com.ph/2021/11/11/dmci-homes-profits-jump-692-to-p4-b/?utm_source=rss&utm_medium=rss&utm_campaign=dmci-homes-profits-jump-692-to-p4-b)