MPIC Q1 earnings jump 91% to P1.57B

Rappler.com
Utilities Maynilad and Meralco drive the income growth

MANILA, Philippines  – Earnings of Metro Pacific Investments Corp. (MPIC), the holding company led by businessman Manuel Pangilinan, grew 91% in the first quarter of 2012, driven mainly by the strong performance of its utilities.

In a financial report on the Philippine Stock Exchange website, MPIC said its net income attributable to parent company reached P1.57 billion in the January to March period, against only P820 million in the same months last year.

The growth came on the back of larger contributions from water and electricity retailers Maynilad Water Services Inc. and Manila Electric Co. (Meralco), and despite a non-recurring loss of P19 million.

Minus one-time charges, MPIC’s core net income rose 40% to P1.59 billion from P1.13 billion last year.

Maynilad accounted for P862 million or 46% of total core net income, while Meralco contributed P534 million or 28%. The tollways business under Metro Pacific Tollways Corp. delivered P367 million or 19%, while the hospital group turned in P124 million or 7%.

“We are well placed for continued growth in the rest of 2012. I am encouraged by the generally buoyant economic conditions we are enjoying,” said MPIC president and CEO Jose Ma. K. Lim.

“The strong results for the first quarter reflect significant service level improvements and efficiency gains for all our operating companies,” added MPIC chairman Manuel Pangilinan.

MPIC has set a core net income guidance of up to P6 billion this year. – Rappler.com