MPIC posts 15% increase in 2017 bottom line

Metro Pacific Investments Corp. reported on Thursday a 15-percent increase in net income last year, driven by the growth of core businesses.

In a press briefing in Makati City, MPIC president and CEO Jose Ma. Lim said the company registered a net income of P13.151 billion in 2017, up 14.79 percent from P11.456 billion a year earlier.

Revenue went up 11 percent to P335.0 billion.

The acquisition of additional stake in Beacon Electric Asset Holdings Inc. helped expand the company’s business portfolio and buoyed its income.

The growth in traffic on roads held by the Metro Pacific Tollways Corp. (MPTC) and the company’s hospital group also contributed to MPIC’s bottom line.

The tollways business recorded a core net income of P3.9 billion in 2017, up 20 percent from P3.3 billion in 2016.

The MPTC controls and operates the North Luzon Expressway, Manila-Cavite Expressway, and Subic-Clark-Tarlac Expressway.

“Our earnings growth reflects significant volume increases for all our businesses, supported by years of high investment together with our continuing emphasis on operational efficiencies,” Lim said. —VDS, GMA News