MANILA, Philippines — Metro Pacific Investments Corp., the listed tollways and infrastructure conglomerate of the Pangilinan Group, has reduced its capital expenditures for this year to P14 billion from the previously announced P25 billion.
This as the company continues to navigate the challenges brought about by the COVID-19 pandemic.
Moving forward, MPIC president and CEO Jose Ma. Lim said the company would continue to preserve its balance sheet and optimize capital allocation.
The company will also continue to ensure the health and safety of its employees by making excellent healthcare available to everyone, Lim said during the company’s annual stockholders meeting yesterday.
MPIC reported a net income of P7 bilion in the first quarter, up 272 percent from a year ago. Consolidated core net income, however, declined by 26 percent to P2.5 billion, largely due to the economic contraction amid the COVID-19 pandemic which resulted in reduced toll road traffic; light rail services; and commercial and industrial demand for water and power.
The toll roads business was hit the most by the pandemic as its net income plunged by 49 percent to 2.7 billion last year.
Metro Pacific Tollways Corp.’s revenue declined by 27 percent to P13.6 billion due to reduced traffic caused by movement restrictions during prolonged periods of quarantine.
Last year, average daily vehicle entries declined by 28 percent to 388,820 compared with 536,850 in 2019.
MPIC is looking at a 2021 core profit guidance of P12 billion this year.