Metro Pacific Investments Corp. (MPIC), the delisted infrastructure conglomerate, reported a record core net income of P20.8 billion for the first nine months of the year, a 28 percent increase from P16.2 billion in the same period last year. The company attributed the strong performance to higher energy sales and growth across its core businesses.
The MPIC’s total contribution from operations rose by 21 percent to P24.3 billion, driven by robust growth in energy sales at Manila Electric Co. (Meralco), higher billed volumes at Maynilad Water, and increased traffic on its toll roads, along with higher tariffs.
“Our power, toll roads, and water businesses continued to deliver double-digit earnings growth due to strong volumes and long-overdue tariff adjustments,” MPIC chairman, president, and CEO Manuel V. Pangilinan said. “We are focused on enhancing service quality and operational efficiency, which will further fuel our growth and deliver value for investors.”
Among MPIC’s core businesses, the power sector accounted for the largest share, contributing P15.3 billion or 63 percent of net operating income. Toll roads and water contributed P5.1 billion and P4.5 billion, respectively, for a combined 39 percent of operating income.
MPIC’s reported net income also surged, climbing 44 percent to P23.1 billion from P16.1 billion, largely due to non-recurring gains from its real estate arm, Landco Pacific.
Chief financial officer June Cheryl Cabal Revilla highlighted the company’s improved financial position, noting a decline in interest expense and the benefits of managing debt levels effectively. “Our strategic financing decisions and focus on reducing debt have resulted in lower financing costs, supporting our strong financial performance,” she said.
For its core businesses, income from power rose 11 percent to P15.33 billion, while toll roads earnings grew 24 percent to P5.05 billion. Water business income increased by 29 percent to P4.51 billion. Losses from other sectors, including light rail and hospitals, narrowed to P612 million from P1.28 billion last year.
