Published March 5, 2021, 5:00 AM Diversified engineering conglomerate DMCI Holdings, Inc. reported a 44 percent drop in consolidated net income to P5.9 billion last year from the P10.5 billion earned in 2019. In a disclosure to the Philippine Stock Exchange, the firm said the decline was largely attributable to the strict quarantine restrictions and economic impacts of the COVID-19 pandemic. Excluding non-recurring items in 2020 and 2019, core net income fell 47 percent year-on-year from P12.4 billion to P6.6 billion. DMCI Holdings logo (Photo courtesy of www.dmciholdings.com/) These consist of one-time losses of P1.9 billion mostly coming from one-time noncash goodwill impairment charge for its Zambales mining assets in 2019 and P708 million pertaining mainly to sales cancellations for a real estate project in 2020.