Metro Pacific posts P7.7B net income in Jan.-Sept., down 38%

Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) saw a double-digit decline in its bottom line during the first nine months of 2020 due to the economic fallout resulting from the COVID-19 crisis.

In a disclosure to the Philippine Stock Exchange on Wednesday, MPIC said its January to September net income stood at P7.7 billion, down 38% from P12.5 billion a year earlier.

The company said the decline was owed “largely to the economic contraction stemming from the Philippine Government’s response to COVID-19.”

It said the resulting quarantines reduced toll road traffic, closed and then reduced rail services, and decreased commercial and industrial demand for water and power resulting in a 30% decline in contribution from operations.

MPIC’s power business accounted for P7.6 billion or 67% of net operating income; water contributed P2.6 billion or 23%, and tollroads contributed P1.6 billion or 14%.

MPIC’s other businesses, mainly hospitals, rail, and logistics, incurred an overall loss of P413 million.

“We have come through the most difficult nine months we have ever seen and on the far side of it we find ourselves in decent financial shape. I am grateful to our talented management and thousands of dedicated front-line employees for their hard work in such times as these,” said Jose Ma. K. Lim, president and CEO.

“The robustness of our operations, even in the depths of this crisis, reflects a decade and more of sustained capital investment that had been delivering continued expansion in our overall customer coverage up until the pandemic struck and the government imposed quarantines to save lives,” said Lim.—AOL, GMA News