MPIC 6-month net income down 9%
Despite growing its core earnings, Metro Pacific Investments Corp. (MPIC) saw its net income in the first half decline by 9 percent from a year ago when it recognized a one-time gain.
The Pangilinan-led firm reported on Wednesday its net income attributable to parent company slipped by 9 percent to P9.5 billion in the first semester, noting that the company booked gains on sale of Global Business Power and Don Muang Tollways in the same period last year, thus the difference.
But MPIC chair Manuel V. Pangilinan remains optimistic about the operations of the conglomerate this year. “We expect it would be better than last year,” he said during a hybrid event.
For one, the listed company’s core net income for the period rose to a “post-pandemic high” of P7.5 billion, which is 24 percent more than the P6 billion it booked last year.
Its energy arm Manila Electric Co. (Meralco) accounted for 60 percent of the net operating income at P5.9 billion. Meralco saw its topline figures improve by 34 percent to P199.6 billion on the back of higher volume distribution and pass-through generation charges. MPIC owns 47.46 percent of Meralco.
Metro Pacific Tollways Corp., which operates a network of toll roads here and in other Southeast Asian markets, saw its revenue increase by 26 percent to P10.5 billion because of more traffic on the road and higher toll fees.
Maynilad Water Services Inc.’s revenue was flat at P11.2 billion as core net income dropped by 1 percent to P3 billion.
Light Rail Manila Corp. managed to grow its revenue by 41 percent to P767 million but it incurred a core net loss of P329 million “due to the start of amortization of concession assets and borrowing costs.” Average daily ridership climbed by 52 percent in the first half.
As for Metro Pacific Hospital Holdings Inc., its revenues dipped by 3 percent to P9.4 billion as the decline in COVID-19 cases resulted in a decrease in average revenue per patient.
In June, the conglomerate acquired a majority stake in Carmen’s Best Dairy Products Inc., making its foray into agribusiness.
“We remain steadfast in our pursuit of other potential growth areas, particularly in agriculture, tourism and logistics, but we are still mindful of the crucial role that MPIC plays in Philippine infrastructure and enabling the progress that our government envisions,” Pangilinan said.
