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

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