MPIC profit jumps 22% in 9 months

MANILA, Philippines — Metro Pacific Investments Corp., the infrastructure and tollways conglomerate led  by Manuel V. Pangilinan, reported a 17 percent jump in net income to P11.1 billion.

Core net income grew 22 percent  to P11.3 billion. 

Pangilinan expects core earnings to rise to a record P13.8 billion by the end of the year.

MPIC president and CEO Jose Ma. K. Lim attributed the firm’s strong performance to an expanded power portfolio through increased investment in Beacon Electric Asset Holdings Inc., robust traffic growth on all roads held by Metro Pacific Tollways Corp., and continuing growth in the hospital group.

 In terms of contribution to the company’s net operating income, MPIC’s power business accounted for the biggest share at P7.6 billion or 54 percent, while the tollroads contributed P3 billion or 21 percent of the total.

Water distribution and production added P2.8 billion or 20 percent of the total.

The hospital group provided P518 million or four percent, while the rail logistics and systems group delivered P173 million or one percent of the total.

Non-recurring expense amounted to P202 million.  This comprised refinancing expenses, project expenses and a separation expense as a result of Maynilad’s redundancy program, largely offset by a realized gain on sale of shares in Manila Electric Co. (Meralco).

Moving forward, Pangilinan said the company would continue its mission to build and operate well-run infrastructure offering good value for customers.

“Our commitment to partnership with the government and serving the public has been demonstrated again, this time by our willingness to take on the urgent challenges of the MRT-3. Furthermore, the increased momentum of our tollroads business in launching new transformational projects is visible to all,” he said.