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Metro Pacific says core net income up 27% in first nine mos.

Metro Pacific Investments Corporation (MPIC) on Wednesday reported a consolidated core net income of P5.03 billion in the first nine months of the year, up 27 percent from the P3.95 billion a year earlier.
Its four mainstream businesses delivered strong growth and profitability, the company said in a report to the Philippine Stock Exchange.
“The strong results for the nine months to September 2012 reflect significant service level improvements and efficiency gains for all our operating companies,” said Metro Pacific chairman Manuel V. Pangilinan
“Accordingly, our full year earnings outlook is encouraging and gives us the comfort for maintaining our core net income guidance for the year at P6.3 billion.
“The Philippines continues to be MPIC’s main market for the foreseeable future, where we will continue to invest for the good of MPIC, and the good of our people,” Pangilinan added.
The company’s consolidated net income – attributable to owners of the parent company – rose 45 percent to P4.99 billion as of end-September from P3.44 billion a year earlier. But a loss of P36 million for non-recurring charges in the period has also been reflected, the company said.
Its core net income was supported by higher profit contributions from Manila Electric Company (Meralco), largely from increased power sales and  operational efficiency. 
Meralco’s core net income in the first three quarters grew by 11 percent to P12.89 billion, driven by an 8-percent increase in energy sales to 24,448 gigawatt hours and regulatory recoveries, Metro Pacific noted.
Similarly, Maynilad Water Services Inc. (Maynilad) also reported higher  volume sales – up 8 percent as a result of its five-year P36-billion capital expenditure program.
Revenues during the period jumped 15 percent to P11.65 billion from P10.17 billion also owing to an average year-on-year effective tariff increase of 7 percent. 
Maynilad’s core net income widened by 13 percent to P5.09 billion from P4.49 billion. Capital expenditure stood at P5.10 billion in the nine months to September.
For Metro Pacific Tollways Corporation, traffic growth and lower operating costs help pushed core net income up by 6 percent to P1.11 billion from P1.05 billion.  
Core net income delivered by the hospital group leaped by 31 percent to P537 million, helped by investments in Asian Hospital and an additional equity holdings in Cardinal Santos starting in November last year.
The group consists of Makati Medical Center, Cardinal Santos Medical Center, Our Lady of Lourdes Hospital, and Asian Hospital in Metro Manila, as well as  Riverside Medical Center in Bacolod and Davao Doctors Hospital in Mindanao.
“All our businesses achieved strong growth in profitability for the first nine months of the year, said Jose Ma. K. Lim, Metro Pacific president and CEO.
“We are well placed for a strong 2012 as a whole. A higher tempo of execution on our investment expansion agenda will help drive better performance in 2013.” Lim added. — VS, GMA News