Metro Pacific posts 22% growth in bottom line

Infrastructure holding firm Metro Pacific Investments Corp. grew its core net profit in the first nine months by 22 percent year-on-year to P11.3 billion on higher earnings from its expanded power portfolio, toll roads and hospital businesses.

In a statement, MPIC chair Manuel V. Pangilinan said the conglomerate was expecting its full-year core net income to reach P13.8 billion, a record high.

Consolidated reported net income attributable to owners of the parent company rose by 17 percent to P11.1 billion in the first nine months. Nonrecurring expense amounted to P202 million and was largely made up of refinancing, project and a separation expenses as a result of Maynilad Water’s redundancy program. It was, however, largely offset by a realized gain on sale of shares in Manila Electric Co. (Meralco).

“Our earnings growth reflects our increased investment in the power sector together with strong volume growth at our toll roads and hospitals businesses,” said MPIC president Jose Ma. Lim.

Core net income was lifted by an expanded power portfolio through increased investment in power holding firm Beacon Electric Asset Holdings Inc., robust traffic growth on all roads held by Metro Pacific Tollways Corp. (MPTC), and continuing growth in the hospital group.

In terms of contribution to the company’s net operating income: power distribution and generation accounted for P7.6 billion or 54 percent; toll roads, P3 billion or 21 percent; water distribution, production and sewerage treatment,P2.8 billion or 20 percent; the hospital group, P518 million or 4 percent and, rail, logistics and systems group, P173 million or 1 percent of the total.