Metro Pacific swings to profits in first nine months

Metro Pacific Investments Corp. on Tuesday reported that it swung to a P235.6-million profit in the first nine months of the year, from the P590.9-million net loss it declared a year ago. In a report to regulators, Metro Pacific, the local unit of Hong-Kong based conglomerate First Pacific Co. Ltd., also said its core net income reached P142.4 million during the first nine months of 2007. In the same period last year, the company had a (restated) core net loss of P60.8 million. Water service unit Maynilad's net profit rose 15 percent to P1.140 billion versus P992.3 million last year. Property development arm Landco reported a net profit of P135.4 million versus a restated loss of P113.9 million last year. “Maynilad continues to improve in spite of delays in exiting its court-administered rehabilitation program. We are eagerly awaiting the ruling of the rehab judge to allow us to roll-out the P26 billion in network improvements that will in turn allow Maynilad’s revenues to improve dramatically." Jose Ma. K. Lim, MPIC president and chief executive officer said in a statement. “Landco is experiencing brisk sales of Tribeca, its first Metro Manila Project, and together with the continued strong uptake of its residential resort and hometown developments, will contribute significantly to MPIC’s core net income on an ongoing basis. We foresee improved performance for both Maynilad and Landco for the balance of the year," he added. - GMANews.TV