MANILA, Philippines – Infrastructure holding firm Metro Pacific Investments Corp. (MPIC) saw a 9 percent year-on-year drop in first semester net profit to P8.1 billion due to non-recurring foreign exchange adjustment.
Excluding one-off items, however, MPIC’s core net profit improved by 1.2 percent year-on-year to P8.7 billion on higher earnings contributed by its power, toll road, water and hospital businesses.
During the period, MPIC booked P560 million in non-recurring expenses compared with a P341 million gain in 2018.
About P745 million of this swing was due to foreign exchange translation losses in 2019 versus gains in the same period last year.
Power accounted for P6.1 billion or 54 percent of net operating income, while toll roads contributed P2.4 billion or 22 percent.
Water contributed P2.3 billion or 21 percent and the hospitals group provided P400 million or 3 percent of the total.
“Our 5-percent growth in contribution from operations reflects meaningful volume increases at most of our businesses following years of high investment and our continuing emphasis on operational efficiencies,” said Jose Ma. Lim, MPIC president and chief executive officer. /gsg