MPIC 2012 profit grows 24% to P9.7-B

Rappler.com

This is AI generated summarization, which may have errors. For context, always refer to the full article.

(UPDATED) The infrastructure conglomerate says all its businesses performed well during the year

MANILA, Philippines – Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) posted a 24% growth in 2012 net income, thanks to the strong performance of its subsidiaries.

In a financial filing on Thursday, February 28, MPIC said its net income in 2012 rose to P9.7 billion from P7.8 billion a year ago.

Its net income attributable to owners of the parent company rose 26% to P6.4 billion in 2012 from P5.1 billion in 2011.

Minus extraordinary charges, the company’s core net income went up 28% to P6.5 billion from P5.1 billion.

MPIC attributed the growth to:

  • Higher profit contribution from Manila Electric Co. (Meralco), reflecting increased volumes of power sold
  • Growth of Maynilad Water Services Inc. due to higher tariffs and billed volumes
  • Traffic growth and interest expense savings enjoyed by Metro Pacific Tollways Corp. (MPTC)
  • Better returns from the hospital group
  • Lower interest and head office costs

In terms of contribution to MPIC’s net operating income, Maynilad accounted for 46% or P3.6 billion, Meralco 28% or P2.2 billion, MPTC P1.6 billion or 20%, and the hospital group P507 million or 6%. – Rappler.com

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.

Summarize this article with AI
Download the Rappler App!