Metro Pacific net profit rises by 2.5 percent
Net profit of infrastructure holding firm Metro Pacific Investments Corp. (MPIC) rose by 2.5 percent to P12.5 billion mainly from earnings on power, toll road, water and hospital businesses.
MPIC’s consolidated net profit, if computed with non-recurring items, declined by 5 percent to P11.8 billion in the first nine months of 2019. These were mainly due to expenses from foreign exchange transaction losses in 2019 against gains in 2018.
Power earned P9 billion, or 55 percent of net income, while toll roads contributed P3.7 billion or 22 percent. Earnings from investments on water supply got P3.2 billion in returns, or 19 percent, while hospital operations provided P681 million, or 4 percent, of total income.
Jose Ma. Lim, MPIC president and chief executive officer, on Wednesday attributed growth partly to “the quality of our management in raising operating efficiencies.”
While the entire conglomerate’s net profit rose by more than 2 percent, Manila Electric Co. (Meralco), the lone power distributor in Metro Manila and other areas near the metropolis, earned at least P18.5 billion or an increase of 11 percent.
This was due to a 6 percent increase in electric supply sales, lower borrowing costs and higher investment returns.
Article continues after this advertisementGlobal Business Power Corp. also recorded a core net income of P2 billion in the first nine months of 2019 compared to P1.9 billion in 2018.
Article continues after this advertisementMetro Pacific Tollways posted a core net Income of P3.7 billion in the first nine months, marking a 13 percent year-on-year hike due to higher traffic on domestic roads.
For Maynilad Water Services Inc., core net income for the first nine months rose by 6 percent to P6.5 billion, driven by revenue growth partially offset by increased concession amortization and provision for taxes.
Metro Pacific Hospital Holdings Inc. reported a 13 percent rise in total revenues in the first nine months largely due to a 10 percent increase in outpatient visits—2,785,902—and a 6 percent growth in patient admissions—151,622. Core income rose by 18 percent. /TSB
