MPIC reports Q1 core net income up 40% to P1.6B

Holding firm Metro Pacific Investments Corp. on Wednesday said its consolidated core net income totaled P1.59 billion in the first quarter of the year, up 40 percent from P1.13 billion a year earlier.   The rise in core net income is due mainly to higher profit contributions from Maynilad Water Services Inc. and from Manila Electric Company (Meralco) as well as the benefit from recent investments in the hospital group together with lower interest costs at MPIC parent company, Metro Pacific said in a report to the Philippine Stock Exchange.   Maynilad reported higher billed volume and tariffs while Meralco benefited from higher volumes.   Maynilad accounted for ₱862 million or 46 percent of the aggregate contribution to core net income by Metro Pacific’s portfolio companies, representing its attributable interest in Maynilad’s own core net income.   Meralco contributed ₱534 million or 28 percent, while MPTC delivered ₱367 million or 19% of Core Net Income. The Hospital Group contributed ₱124 million or 7% of the total.   Consolidated reported net income attributable to owners of the parent company, which reflects a loss of P19 million for non-recurring charges, stood at P1.57 billion in the first quarter of 2012 compared with P820 million for the first quarter of 2011, an improvement of 91percent.   “All our businesses achieved strong growth in profitability for the first quarter,” said Jose Ma. K. Lim, MPIC president and chief executive officer.   “We are well placed for continued growth in the rest of 2012, and I am encouraged by the generally buoyant economic conditions we are enjoying,” he added. —VS, GMA News