PSE Circular for Brokers No. 1666-99

July 8, 1999 PSE CIRCULAR FOR BROKERS NO. 1666-99 SECURITIES AND EXCHANGE COMMISSION SEC FOR 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. July 7, 1999 Date of Report (Date of earliest event reported) 2. SEC Identification Number AS095-002283 3. BIR Tax Identification No. C04-703-376 4. DMCI Holdings, Inc. Exact name of registrant as specified in its charter 5. Philippines Province, country or other jurisdiction of incorporation 6. [ ] (SEC Use Only) Industry Classification Code: 7. 2281 Dacon Building, Pasong Tamo Ext. Makati City 1231 Address of principal office Postal Code 8. Voice (632) 816 7364 to 65 Fax (632) 816 7362 Registrant's telephone number, including area code 9. Not Applicable Former name, former address, and former fiscal year, if changed since last report. Registrant's telephone number including area code 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of Each Class Number of Shares Outstanding Common Shares, Php 1.00 Par 1,127,747,000 Preferred Shares, Php 1.00 Par 2,193,100 Common Shares, Php 1.00 Par 150,000,000 (1,127,747,000 Common shares are exempt under Section 6(a)(4) of the RSA, and 74,719,200 underlying Common shares exempt under Section 6(a)-7 of the RSA.) DMCI HOLDINGS, INC. AND SUBSIDIARIES FORECASTED CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS For the year ended December 31, 1999 and 1998 (Amounts in Thousands of Philippine Pesos) 1999 1998 REVENUES Construction contracts 5,921,233 8,096,606 Coal Sales 1,139,755 873,549 Equity in net earnings of unconsolidated affiliates (36,637) (392,324) Sale of investments 150,127 71,202 Merchandise sales 28,113 19,320 Interest and others net 232,338 529,394 7,434,928 9,197,747 COSTS AND EXPENSES Contract costs and expenses 5,213,739 6,951,767 Cost of Coal Sales 1,023,164 849,096 General and administrative 538,029 698,754 Cost of sale of investments 92,956 54,179 Cost of merchandise sales 15,620 8,800 6,883,508 8,562,596 INCOME BEFORE INCOME TAX 551,420 635,151 PROVISION FOR INCOME TAX 206,057 279,442 INCOME BEFORE MINORITY INTEREST 345,363 355,710, MINORITY INTEREST 48,500 47,187 NET INCOME 296,863 308,522 RETAINED EARNINGS, BEGINNING 1,153,190 945,677 DIVIDENDS (121,716) 101,009 RETAINED EARNINGS, END 1,328,337 1,153,190 11. Indicate the item numbers reported herein: Item 9 Item 9. Other Events In a management report during the Company's Annual Stockholders' Meeting held this morning, DMCI HI President Isidro A. Consunji presented the Company's financial prospects for 1999 as follows: "Although the construction and property sectors are expected to gradually recover towards the latter part of 1999, potential benefits from this improvement will most likely begin to manifest only next year. Given this scenario, we remain conservative about our 1999 forecasts. Hence, we expect our net income to be slightly lower at P297 million, out of revenues of P7.6 billion (Please refer to attached consolidated income statement). Nonetheless, we maintain our confidence that our Company is well-positioned to take advantage of opportunities from a resurgent economy and eventually, from a substantial recovery in the construction and property sectors, considering that: (1) our equipment and manpower complement is capable of handling over P15 billion worth of construction work with no substantial capital expenditure: (2) our unleveraged balance sheet provides us flexibility to undertake major construction projects, particularly, infrastructure; and (3) our 107-hectare Group landbank can generate construction revenues as we pursue our strategy to develop selected sites into middle-income housing." SIGNATURES Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DMCI Holdings, Inc. (SGD.) ALONA D. QUIAMBAO Corporate Communications Officer