MPIC core earnings rise 37 percent from January to September

MANILA, Philippines — Metro Pacific Investments Corp. (MPIC), the tollways and infrastructure conglomerate that has been re-privatized, reported a consolidated core net income of P16.2 billion in the first nine months, up 37 percent, driven by power and higher water tariff for the water concession.

MPIC chairman, president and CEO Manuel V. Pangilinan said the company’s consistently strong performance reflects significant volume increases for core businesses on power, toll roads, and water, bolstered by favorable tariff adjustments and savings resulting from operational efficiencies.

“We are also realizing the fruits of strategic investments in the power generation business, and we expect this to continue to be a driver of growth in the future,” Pangilinan said.

Reported net income attributable to the parent company increased by 22 percent to P16.1 billion, which had the benefit of gains from the acquisition of Landco Pacific Corp.

Among the company’s core businesses, power had the largest share at P13.8 billion or 69 percent of net operating income while toll roads and water contributed P4.1 billion and P3.5 billion, respectively.

By business segment, consolidated core net income of Manila Electric Co. (Meralco) reached P30 billion, up 53 percent while total revenues rose six percent to P335.2 billion, reflecting increased pass-through charges, higher generation revenues and growth in volumes sold.

Capital expenditures amounted to P21.1 billion and were directed at network upgrade and pole relocation programs in support of government infrastructure projects, build-out of the tower business and construction of its solar projects.

Metro Pacific Tollways Corp. reported a flat core net income of P4.1 billion due to higher concession amortization on newly opened roads.

Maynilad Water Services Inc. registered revenues of P20.3 billion during the nine-month period, up 18 percent on the back of a two percent growth in billed volume and higher effective tariffs.

This translated to a core net income of P6.8 billion during the nine-month period, up 46 percent due to lower amortization resulting from the extension of the concession period.

Maynilad’s capital expenditure increased by 41 percent to P14.5 billion, as Maynilad continued to deliver on its obligations under the approved business plan.