MPIC raises ’12 profit goal
6-month net up by 76% to P3.44By Doris C. Dumlao
Philippine Daily Inquirer
Infrastructure holding firm Metro Pacific Investments Corp. has upgraded its core net profit guidance for the year to P6.3 billion from P6 billion to factor in strong first-semester results.
MPIC said Thursday its profit in the first six months grew by 76 percent year on year to P3.44 billion. Taking out non-recurring items, core net profit rose by 30 percent to P3.46 billion, or 55 percent of the firm’s upgraded core profit goal for the year.
In a briefing, MPIC chief finance officer David Nicol said that given their respective results in the first semester, the operating units of MPIC were expected to post the following core net profits this year: Manila Electric Co., P15.5 billion; Maynilad Water Services Inc., P6.8 billion; Metro Pacific Tollways Corp., P1.6 billion; and healthcare group, P730 million.
MPIC’s core net profit in 2011 hit P5.1 billion.
The group’s first-half profit was further boosted by the significant decline in expenses compared to year-ago level.
In the meantime, Nicol said the group was planning to delist MPTC from the local stock exchange. Parent MPIC will make a general offer to buy out minority shareholders. About 0.15 percent of MPTC shares worth P45 million are held and traded by the public.
MPIC president Jose Ma. Lim said key operating units attained the following results in the first half:
• Meralco’s core net income rose by 15 percent to P9.02 billion due mainly to regulatory recoveries and a 10-percent increase in energy sales to 16,215 gigawatt hours.
• Maynilad’s core net income rose by 13 percent to P3.34 billion on the back of a 9.2-percent increase in billed volume and 7-percent effective tariff increase.
• MPTC’s core net profit rose by 12 percent to P810 million, backed by a 3-percent increase in average daily traffic in its road systems.
• Hospital group posted a 24-percent growth in core net profit to P307 million, reflecting the benefit of investments made in Asian Hospital and Cardinal Santos from November last year.
Of MPIC’s operating income, Maynilad contributed P1.73 billion, or 43 percent; Meralco, P1.31 billion, or 33 percent; and MPTC, P787 million, or 19 percent. The hospital group contributed 5 percent of the total.
The group’s revised profit guidance for the year is based on the following volume growth assumptions: 8-9 percent for water, 3 percent for NLEX and 8 percent for Meralco’s electricity sales.
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