Metro Pacific Investments ups profits to P1.96B
MANILA, Philippines—Infrastructure holding company Metro Pacific Investments Corp. grew its six-month net profit by 12 percent to P1.96 billion from a year ago on higher earnings from its water, power-generation and hospital businesses.
Excluding one-off items, MPIC’s core net profit in the first semester amounted to P2.66 billion, 38 percent higher than the level a year ago, the company disclosed on Thursday.
“The positive results for the first half this year reflect with the strong operating efficiencies, highly focused customer service and strict cost discipline at all our portfolio companies,” said MPIC chairman Manuel V. Pangilinan.
“Reflecting our strong operating results during the period, we are guiding our core profitability for the year 2011 at P4.8 billion,” Pangilinan added.
The reported net profit for the first semester included non-recurring net foreign exchange loss and non-recurring losses of P701 million.
The rise in core net income was attributed by MPIC to higher profit from Maynilad Water Services as a result of higher-billed volume and tariffs and from Manila Electric Co. due to higher tariffs, as well as a strong performance across the hospital group.
On the other hand, contribution from Metro Pacific Tollways Corp. declined slightly following the expiry of its income tax holiday at the end of 2010.
Maynilad accounted for P1.55 billion, or 45 percent of total core Net Income contribution from MPIC’s portfolio companies, representing MPIC’s attributable interest in Maynilad’s core net income. Meralco contributed P1.09 billion, or 31 percent. MPTC added P720 millionm, or 21 percent of core net income. MPIC’s investments in the hospital group contributed P99 million, or 3 percent.
“All our companies, including MPTC on a pre-tax basis, achieved significant growth in profitability during the first half of 2011 and the outlook for the year as a whole is equally positive,” said Jose Ma. K. Lim, MPIC president and chief executive officer.
“We continue to pursue new investment opportunities,” Lim said. “The capital raising we undertook on 13th July 2011 means we are well placed to fund new investments, especially in toll roads.”
