MPIC posts P9.3B core net income in 9 months, up 13%

Metro Pacific Investments Corp. posted a consolidated core net income of P9.3 billion in the first nine months of 2016, up 13 percent from P8.2 billion a year earlier.

In a disclosure to the Philippine Stock Exchange on Tuesday, MPIC said its nine-month period performance was lifted by robust traffic growth on all the roads held by Metro Pacific Tollways Corp. (MPTC); an expanded power portfolio through increased investment in Beacon Electric Asset Holdings Inc. and Global Business Power Corp.; and continuing growth in the Hospital Group.

“Our continuing earnings growth reflects significant volume increases for all our businesses together with our intense focus on operational efficiencies which have been achieved as a result of years of elevated capital expenditures," Jose Ma. K. Lim, president and chief executive officer of MPIC, said.

"As such, while our earnings progress is encouraging our core annualized return on equity of 9.2 percent, which reflects our P149 billion of shareholders’ funds invested, requires further improvement.” Lim added.

The company’s power distribution and generation business accounted for P5.7 billion or 49 percent of the topline.

Water distribution, production and sewerage treatment contributed P2.7 billion or 23 percent of the total.

Tollroads comprised the 23 percent or P2.6 billion of the total.

The Hospital Group, meanwhile, contributed P443 million or 4 percent of the total, while the Rail and Systems Group contributed P135 million or 1 percent.

Consolidated reported net income attributable to owners of the parent company grew by 22 percent at P9.5 billion from P7.8 billion a year earlier. — John Ted Cordero/BM, GMA News