Metro Pacific Investments Corp., only recently delisted, reported core income rising 37 percent in nine months to P16.2 billion from only P11.8 billion last year.
The company attributed the performance to improved financial and operating results of its holdings that delivered a 31 percent increase in contribution from operations. This was driven mainly by the strong performance of its power generation business and higher water tariff from its water concession.
Among MPIC’s core businesses, power had the largest share of P13.8 billion or 69 percent of net operating income while toll roads and water contributed P4.1 billion and P3.5 billion, respectively.
The company said net income increased 22 percent to P16.1 billion compared with only P13.1 billion last year. It also posted gains from the acquisition of Landco Pacific Corp.
“Our consistently strong performance reflects significant volume increases for our 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,” MPIC chairman, president and CEO Manuel V. Pangilinan, said.
Toll revenue grew 20 percent to P19.8 billion due to a combination of toll rate increases and traffic growth in the Philippines and Indonesia.
Core net income was flat at P4.1 billion due to higher concession amortization on newly opened roads and financing cost arising from the Jakarta-Cikampek elevated toll road acquisition.
Maynilad Water Services Inc., the West zone concessionaire, said its revenue grew 18 percent to P20.3 billion reflecting the 2 percent growth in billed volume and higher effective tariff.
Core net income was up 46 percent to P6.8 billion due to lower amortization resulting from the extension of the concession period.
Capital expenditure reached P14.5 billion, up 41 percent from last year as Maynilad continued to deliver on its obligations under the approved business plan.
