Metro Pacific Investments Corp. reported a 5 percent increase in first-quarter income to P6.9 billion from P6.6 billion a year ago, despite higher energy prices and global market volatility.
The company said reported net income declined compared to last year because the previous period included a one-time gain from the sale of Philippine Coastal Storage and Pipeline Corp.
Operating contributions rose 4 percent, mainly driven by stronger performance in the power and healthcare businesses due to higher electricity generation and increased patient volumes. However, water operations posted lower contributions after the company reduced its ownership stake in Maynilad Water Services Inc. following its stock market listing last November.
Power remained the group’s biggest earnings source, contributing P5.1 billion or 62 percent of net operating income. Water and toll roads contributed P1.5 billion and P1.4 billion, respectively.
MPIC chairman, president and CEO Manuel V. Pangilinan said demand for essential services remained stable despite challenging conditions, adding that the company remains focused on reliable operations, cost management, and service delivery.
Toll road revenues increased 14 percent to P9.9 billion due to tariff hikes and higher traffic volumes. Average daily vehicle entries rose 2 percent in the Philippines and 3 percent in Indonesia, but declined 11 percent in Vietnam.
The company said higher borrowing costs and depreciation offset gains from its increased ownership in North Luzon Expressway, keeping core and reported net income largely flat.
Meanwhile, revenues of Manila Electric Co. rose 5 percent, supported by higher electricity charges, stronger retail sales, and a 25 percent increase in energy delivered. Its consolidated core net income climbed 2 percent to P11.4 billion.
Maynilad’s revenues also grew 6 percent to P9.1 billion following a tariff adjustment in January and a 2 percent increase in customer connections and billed water volume. Its core net income rose 10 percent to P4 billion due to higher revenues and improved network efficiency.
