MPIC net income up 69% to P23.9B in 2019

Pangilinan-led infrastructure conglomerate Metro Pacific Investments Corporation (MPIC) saw a 69% increase in its net income in 2019 amid robust performance across its businesses.

In a disclosure to the Philippine Stock Exchange, MPIC said its reported net income stood at P23.9 billion, up 69% year-on-year.

Improved financial and operating results of the constituent companies delivered a 7% increase in contribution from operations, the company said.

“Key factors included: substantial core net income growth from Manila Electric Company; continued traffic growth on our domestic toll roads; and strong patient numbers at our hospitals,” MPIC said.

Power accounted for P11.6 billion or 55% of net operating income, while toll roads contributed P5.2 billion or 25%.

Water contributed P3.6 billion or 17% and hospitals provided P867 million or 4% of the total.

Rail, logistics, and other businesses, however, combined for a net loss of P352 million.

Higher interest costs on borrowings made to finance capital expenditures for growth held down core income growth relative to contribution, according to MPIC.

“Our 7% growth in contribution from operations reflects a decade and more of sustained capital investment to enable meaningful volume increases in all our major businesses,” MPIC president and CEO Jose Ma. Lim said. — BM, GMA News