MPIC Q1 core earnings climb to P6.9B

Metro Pacific Investments Corp. (MPIC) posted a 5-percent increase in first-quarter consolidated core net income despite elevated energy prices and global market volatility.

In a disclosure, the tycoon Manuel Pangilingan-led firm said its core net income reached P6.9 billion in the January-to-March period from P6.6 billion a year earlier.

Contribution from operations rose 4 percent, driven mainly by stronger performances from its power and healthcare businesses.

Power remained MPIC’s largest contributor, accounting for P5.1 billion or 62 percent of net operating income.

READ: Meralco delivered P11.43-B core earnings in first quarter

Meanwhile, water and toll roads contributed P1.5 billion and P1.4 billion, respectively.

MPIC said net income declined year-on-year due to the absence of a one-off gain booked last year from the disposal of Philippine Coastal Storage and Pipeline Corp.

At Meralco, consolidated core net income rose 2 percent to P11.4 billion on stronger power generation contributions.

Maynilad Water Services, meanwhile, posted a 10-percent increase in core net income to P4 billion as tariff adjustments and operational improvements boosted revenues.

READ: Maynilad first-quarter profit rose 10% to P4B

“Our priority is to keep our operations running reliably and continue serving the communities that depend on us. We remain disciplined, managing our costs carefully, and making sure we deliver where it matters most. If we stay focused on execution and service, we are confident our businesses will remain resilient,” said Pangilinan.