MPIC nets P1.8B in Q1, up 13%

MANILA, Philippines–Infrastructure holding firm Metro Pacific Investments Inc. grew its first quarter net profit by 13 percent year-on-year to P1.8 billion on higher earnings across its power distribution, water, tollways and hospital businesses.

Excluding non-recurring earnings, MPIC’s core net profit for the first three months went up by 23 percent to P1.9 billion.

“All our businesses continue to be focused on service quality and operational efficiency, while growing our sales and core profitability,” MPIC chair Manuel Pangilinan, adding that the strong results for the first quarter reflected significant improvements in service levels and efficiency gains for all the group’s operating companies.

“The outlook for our full year core net income growth looks positive. We will provide full year guidance when we announce our half year results. We have significant expansion programs within each of our core businesses which should provide good long term value growth for our shareholders,” Pangilinan said.

Pangilinan said the group intended to bid for the government’s public-private partnership projects at levels which would provide “appropriate” returns for shareholders and service quality to its customers and for the public.