MVP-led MPIC 9-mo profits grow 45% to P5-B
MANILA, Philippines - Diversified conglomerate Metro Pacific Investments Corp. (MPIC) posted a net income of P4.99 billion in the first 9 months of 2012, reflecting a 45% increase from a year ago's P3.44 billion.
In a stock exchange disclosure on Wednesday, November 7, Hong Kong-based parent First Pacific Co. Ltd said MPIC's 4 main businesses -- power, water services, infrastructure and hospitals -- performed strongly during the period.
MPIC's businesses delivered consolidated revenues of P20.54 billion, a 28% increase, and a core income of P5.03 billion, up 27% year on year.
“All our businesses achieved strong growth in profitability for the first 9 months of the year. We are well placed for a strong 2012 as a whole. A higher tempo of execution on our investment expansion agenda will help drive better performance in 2013,” MPIC president and CEO Jose Ma. K. Lim said in a statement.
Below summarizes how each key units performed from January to September:
Maynilad Water Services Inc.
- The water concessionaire contributed ₱2.65 billion or 44% of the aggregate net operating income
- Core Net Income was at ₱5.09 billion
- Growth was largely due to higher billed volumes
Manila Electric Co. (Meralco)
- The giant power retailer contributed ₱1.94 billion or 32% to the group's net operating income
- Core Net Income was at ₱12.89 billion
- Higher profit contributions reflected increased volumes of power sold
Metro Pacific Tollways Corporation (MPTC)
- The tollways group delivered ₱1.08 billion or 18% of the group's net operating income
- Core Net Income at ₱1.11 billion
- Growth due to traffic growth and interest and expense savings
- The Hospital group contributed ₱346 million or 6% of the total
- Core Net Income at ₱537 million
- The group benefitted from the investments made in 2011