Power business boosts MPIC profit in 9 months

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MVPangilinan BW Economic Forum
MPIC chairman Manuel V. Pangilinan speaks during the Business World Economic Forum at Shangrila, The Fort, in file photo. GEREMY PINTOLO / Philstar

MANILA – Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) on Wednesday reported a 22-percent surge in profit in the first three quarters on the strength of its expanded presence in the power industry.

MPIC told the local bourse its consolidated core net income reached P11.3 billion in January to September from P9.3 billion in the same period last year.

In terms of contribution to its net operating income, power (distribution and generation) accounted for P7.6 billion, or 54 percent of the aggregate contribution, while tollroads shared P3 billion, or 21 percent of the total.

MPIC attributed mainly its higher core net income to an expanded power portfolio through increased investment in Beacon Electric Asset Holdings Inc. and robust traffic growth on all roads held by Metro Pacific Tollways Corporation (MPTC).

Water (distribution, production and sewerage treatment) shared PHP2.8 billion, or 20 percent of the total; the Hospital Group provided P518 million, or 4 percent of the total; and the Rail, Logistics and Systems Group delivered P173 million, or one percent of the total.

MPIC Chairman Manuel V. Pangilinan expects full-year core net income reaching P13.8 billion – a new record high.
“I believe that our various long standing regulatory issues are slowly seeing some light of day, and hopefully will develop into satisfactory closure finally,” he said.

Pangilinan noted the conglomerate’s selective expansion into Association of Southeast Asian Nation (ASEAN) is also continuing to build momentum.

For his part, MPIC President and Chief Executive Officer Jose Ma. Lim said, “I believe we are getting close to resolution with the government of at least some of the tariff issues that have held back growth in earnings in recent years.”