Metro Pacific core income rises to P7.8 B
MPIC 1ST half performance: Top officials of Metro Pacific Investments Corp. hold a briefing on the infrastructure holding firm’s earnings results for the first semester. In photo are (from left) president Jose Ma. Lim, chairman Manuel Pangilinan, chief finance officer David NIcol, Metro Pacific Tollways Corp. president Rodrigo Franco and Maynilad Water Services Inc. president Ramoncito Fernandez.
MANILA, Philippines - Metro Pacific Investments Corp. (MPIC) reported a 17 percent increase in its core net income in the first half to P7.8 billion as it expanded its presence in the power sector.
“Our earnings growth reflects our increased investment in the power sector together with strong volume growth at our tollroads and hospital businesses,” said MPIC president Jose Ma. Lim.
In June 2017, MPIC deepened its investments in power and acquired the remaining 25 percent in Beacon Electric for P21.8 billion.
MPIC’s power business contributed P5.3 billion during the period, representing an increase of 26 percent.
However, Lim said the failure to implement tariff increases had been a drag on MPIC’s growth in core earnings per share.
MPIC reported that Manila Electric Co.’s core net income fell three percent to P10.1 billion on the back of higher expenses from increased customer load growth which offset a three percent increase in distribution revenues.
For the tollroads business, MPTC registered a core net income of P2.1 billion, up 27 percent year on year. It recorded an eight percent increase in system-wide average daily vehicle entries to 590,432.
The water businesses comprising of Maynilad and MetroPac Water Investments Corp. (MWIC), contributed P1.8 billion.
Metro Pacific Hospital Holdings Inc. posted a 21 percent increase in income to P927 million as new hospitals started contributing.
Light Rail Manila Corp. contributed P123 million to MPIC’s core net income.
MPIC chairman Manuel Pangilinan said the company’s full year guidance is P13.3 billion.
“While our businesses continue to drive efficiencies, it is apparent that the combination of sizeable capital expenditures and cost reduction programs in recent years must be matched with contracted tariffs for our shareholders to receive the returns they are due. We look forward to settlement of the Maynilad arbitration award and remain committed to our infrastructure expansion program while holding close discussions with government on how to resolve our various tariff issues,” Pangilinan said.
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