MPIC delivers P 23.6-B core earnings
Metro Pacific Investments Corp. (MPIC) grew its consolidated core income by 14 percent to P23.6 billion in the first nine months, led by the power business.
Its reported income, however, fell 7 percent due to the absence of a one-time gain booked a year ago.
The group said its power business still provided the biggest contribution at P17.6 billion, or 65 percent of the net operating income.
Water and toll roads pitched in P5.8 billion and P4.4 billion, respectively.
MPIC chair Manuel Pangilinan said financial results in the January to September period showed “the resilience of our core businesses.”
“Power and water continued to post strong results, while toll roads managed near-term challenges stemming from higher financing costs and are expected to regain momentum as the newer roads mature,” he said in a statement on Monday.
Manila Electric Co. posted a consolidated core net income of P40 billion, up 14 percent, on the strong performance of its generation and distribution operations.
Meralco delivers power to Metro Manila, Bulacan, Cavite, Rizal and selected areas in Pampanga, Laguna, Batangas and Quezon.
Newly listed Maynilad Water Services, Inc. also realized an 18-percent gain in its core net income, reaching P11.4 billion. Its revenues jumped 10 percent to P27.7 billion, driven by an increase in tariff rates imposed early this year.
Maynilad is the water and wastewater services provider for the West Zone, covering 17 cities and municipalities in Metro Manila and Cavite.
It finally went public, securing about P34.3 billion. The firm’s stock market debut likewise obtained the support of 12 cornerstone investors.
“The listing of Maynilad presents an opportunity to unlock greater value and reinvest in improving water supply and access. As we move forward, we remain committed to creating long-term value across our portfolio—particularly in areas critical to national progress such as energy, water, and food security,” Pangilinan said.
Metro Pacific Tollways Corp., leading its toll road business, logged a 2-percent dip in core net income at P4.8 billion. Revenues, meanwhile, improved by 17 percent to P27 billion.
