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MPIC posts 22% income growth

PANGILINAN-LEd Metro Pacific Investments Corp. (MPIC) posted a 22% surge in its attributable net income as of September on its subsidiaries’ higher revenues.

In a statement on Tuesday, MPIC said its nine-month profit rose to P16.1 billion from P13.1 billion last year.

“Reported net income attributable to the parent company increased 22% to P16.1 billion compared with P13.1 billion last year, which had the benefit of gains from the acquisition of Landco Pacific Corp.,” MPIC said.

“Improved financial and operating results from MPIC’s holdings delivered a 31% increase in contribution from operations, mainly driven by the strong performance of the power generation business and higher water tariff for the water concession,” it added.

Last year, MPIC took full control of real estate developer Landco for P429 million as part of its expansion into the real estate business.

The company’s consolidated core net income went up 37% to P16.2 billion from P11.8 billion a year ago.

“Among the company’s core businesses, power had the largest share at P13.8 billion or 69% of net operating income while toll roads and water contributed P4.1 billion and P3.5 billion, respectively,” MPIC said.

Manila Electric Co. (Meralco) logged a 53% increase in its consolidated core net income to P30 billion during the period due to growth from its power generation business. Total revenues climbed 6% to P335.2 billion as a result of increased pass-through charges, higher generation revenues, and growth in volumes sold.

Metro Pacific Tollways Corp. had a P4.1-billion core net income, or flat compared to last year, due to higher concession amortization on newly opened roads and financing cost on the Jakarta-Cikampek Elevated Toll Road in Indonesia, which was acquired in the second half of last year.   

Toll revenues rose 20% to P19.8 billion carried by toll fee increases and traffic growth in the Philippines and Indonesia.

“Average daily vehicle entries for the Philippines rose 14% to 654,580, while entries in Vietnam increased 7% to 78,194 vehicles, and entries Indonesia climbed 85% to 485,910 vehicles,” MPIC said.

Meanwhile, Maynilad Water Services, Inc. logged a 46% increase in core net income to P6.8 billion led by lower amortization resulting from the extension of the concession period.

The water provider’s revenues rose 18% to P20.3 billion on the back of 2% growth in billed volume and higher effective tariffs.

“Our consistently strong performance reflects significant volume increases for our core businesses on power, toll roads, and water, bolstered by favorable tariff adjustments and savings resulting from operational efficiencies,” MPIC Chairman, President, and Chief Executive Officer Manuel V. Pangilinan said.

“We are also realizing the fruits of strategic investments in the power generation business, and we expect this to continue to be a driver of growth in the future. “Together with our new partners, we look forward to further investing in national development and continuing to deliver high-quality essential services,” he added.

MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave 

Neil Banzuelo

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