MPIC books higher profit in Jan-September

MANILA, Philippines – Metro Pacific Investments Corp. (MPIC) continued its strong performance in the first three quarters, with its consolidated core earnings expanding by 14 percent to P23.6 billion.

Its reported income, however, fell 7 percent due to the absence of a one-time gain booked a year ago.

The group said its power business still provided the biggest contribution at P17.6 billion of net operating income. Water and toll roads pitched in P5.8 billion and P4.4 billion, respectively.

READ: MPIC profit swelled by 20% on power, water businesses

Manuel V. Pangilinan, its chair, said MPIC’s financial results in the January to September period showed “the resilience of our core businesses.”

“Power and Water continued to post strong results, while Toll Roads managed near-term challenges stemming from higher financing costs and are expected to regain momentum as the newer roads mature,” he said in a statement Monday.