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MANILA, Philippines — The first-half core earnings of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) grew 14% to P3.9 billion from P3.5 billion in the same period of 2012.
In a disclosure to the Philippine Stock Exchange on Thursday, August 8, the Manuel V. Pangilinan-led company said core net income was driven mainly by higher profit contributions from its units, interest savings on the North Luzon Expressway, profit contribution from the recently acquired Cavitex and cost reduction measures.
Net income, which included exceptional gains and charges, also rose 7% to P3.7 billion from P3.4 billion, MPIC said.
“All our businesses are performing well,” said Jose Ma. Lim, company president and CEO.
“The outlook for our full-year core net income growth looks positive,” added Pangilinan. MPIC has a core profit target of P7 billion.
MPIC owns power distributor Manila Electric Co., water distributor Maynilad Water Services Inc., and tollway operator Metro Pacific Tollways Corp. It also owns 8 hospitals with approximately 2,150 beds. – Rappler.com
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