MPIC profit climbs 20% on strong core

Driven by improved performance across its core businesses, infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) posted a 20 percent increase in consolidated core net income to P15.0 billion in the first half of the year from P12.5 billion last year.

“Our performance in the first half of the year reflects the continued resilience and strength of our businesses. We’ve seen meaningful contributions from power, water, and toll roads—sectors that are fundamental to the country’s development,” MPIC Chairman, President, and CEO Manuel V. Pangilinan said.

Contribution from operations rose 18 percent to P17.5 billion, boosted by strong growth in Manila Electric Co. (Meralco)’s power generation business, higher tariffs at Maynilad, and increasing patient volumes in the Metro Pacific Hospitals network.

Power accounted for the largest share of net operating income (NOI) at P11.2 billion or 64 percent, followed by water at P3.8 billion and toll roads at P3.3 billion.

Reported net income jumped 36 percent to P17.0 billion, mainly due to gains from the sale of Philippine Coastal Storage and Pipeline Corporation.

In its core units, Meralco’s consolidated core net income increased 10 percent to P25.5 billion on higher pass-through charges, electricity sales, and power generation revenues. 

Maynilad’s core net income grew 23 percent to P7.4 billion on higher tariffs and lower expenses, while Metro Pacific Tollways Corp.’s core net income rose 6 percent to P3.5 billion on toll rate hikes and traffic growth in the Philippines.