MPIC expanding regional presence

Infrastructure giant Metro Pacific Investments Corp. is eyeing additional tollroad deals in Indonesia and Malaysia, in line with efforts to expand its regional footprint that currently covers the Philippines, Thailand and Vietnam.

Metro Pacific chair Manuel V. Pangilinan said on Friday that the company was “hoping” to close a deal for “one or two” projects in those two countries.

“They are existing tollways with big potential for expansion,” Pangilinan said.

He added that the company would likely purse the projects with local partners.

Tollways remains a significant contributor to Metro Pacific’s bottomline. In the first quarter of 2016, the tollroad business accounted for 24 percent of net operating income, or P833 million.

Its subsidiary, Metro Pacific Tollways Corp., delivered a core net income of P747 million in the first quarter, a figure higher by 19 percent year on year. These came from higher volumes at  the North Luzon Expressway, Cavite Expressway and contribution of Subic Clark Tarlac Expressway.

In Thailand, the contribution from the Don Muang Tollway Public Company Ltd. (DMT) for the first quarter of 2016 rose to P100 million compared with P63 million. This was attributed to the 16-percent traffic growth arising from lower fuel prices and higher passenger volumes at the Don Muang Airport.

DMT and various Thai government ministries are currently appealing a court order voiding the Cabinet’s approval of DMT’s original tariffs; a positive resolution is expected.

Vietnam’s CII B&R, in which MPTC owns a 44.9-percent equity interest, contributed P43.5 million to core income during the first quarter of 2016.  Miguel R. Camus

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